• 3.82 million existing homes were sold in November (SAAR), up 0.8% from October and down 7.3% from November 2022, according to the National Association of Realtors (NAR).
• Total housing inventory at the end of November amounted to 1.13 million units, NAR said, totaling 3.5 months of supply at the current sales pace.
• The median existing-home price for all housing types in November was $387,600, up 4% from November 2022. 

What happened: Existing home sales bumped up slightly from a month ago, following mortgage rates easing in November.  

What Zillow Senior Economist Nicole Bachaud thinks: For the first time since May, existing home sales are up from a month ago. While still on the two plus year downward slide from year ago numbers, this is an inkling that buyers and sellers are both warming back up to the market as the year rounds out. Mortgage rates and inflation cooling off likely play a role – unlocking buyers who were waiting for a chance to afford to step back in, and convincing some sellers on the edge that they can let go of their ultra low rates and come back to the market once again. Rates have continued to fall in early December, so it is possible that this upward trend for sales continues, even into the typically much slower winter housing season. New construction is also showing some increased activity signaling that builders are also feeling more optimistic about the next few months in the housing market. As activity picks back up, especially into the spring next year, more inventory is going to be vital to keeping prices and competition in check.