REMAX Insights on Housing Market Trends
November ushers in the expected seasonal slowdown in the U.S. housing market, reflected in a decrease in new listings and home sales compared to October. Despite a slight decline of 5.5% in the overall supply of homes from October, inventory levels remain 14.5% higher than the previous year. This marks an impressive 23-month streak of year-over-year inventory increases, dating back to January 2024.
Inventory Growth and Market Dynamics
In the 51 metro areas surveyed, new listings saw a steep decline of 30.7% month-over-month, representing the largest drop among the critical metrics measured. Year-over-year, the number of new listings also fell by 8.3%, signaling a tightening of fresh inventory entering the market.
Changes in Home Sales
The latest data indicates that home sales dropped by 18.5% from October to November and saw a 4.7% decrease compared to the same month last year, a reflection of normal seasonal trends. The median sales price stood at $438,000, demonstrating a 1.7% year-over-year increase, although it did experience a slight dip of 1.5% from October's figures.
Regional Market Highlights
Erik Carlson, REMAX CEO, remarked, "While some metrics reflect seasonal adjustments, others exhibit positive trends. Inventory growth coupled with steady prices suggests a robust market for buyers and sellers alike. As we advance into a new year, there are numerous opportunities to make informed decisions, particularly with the advice of a seasoned REMAX agent."
Key Market Metrics
Additional notable metrics include:
- Increasing average days on the market: Homes took longer to sell, averaging 54 days. This trend is a rise from 47 days last year and 50 days in October.
- Months’ supply of inventory increased to 3.3 months, up from 2.9 months a year prior and 3.0 months in October.
- Sellers achieved approximately 98% of their asking price, slightly down from 99% a year ago, indicating a stable pricing environment.
Market Shifts in Major Cities
One significant change was observed in Seattle, where traditionally high median sales prices saw a dramatic decrease of 5.4% from $740,000 in October to $700,000 in November. Local broker John Manning from REMAX Gateway pointed to certain tax policy shifts impacting corporate resource allocation and hinting at potential wealth relocation among higher-net-worth residents.
Year-Over-Year Listing Comparisons
In November, newly listed homes saw an 8.3% decrease compared to the same month last year and a staggering 30.7% drop from October. Markets with the largest declines in new listings included Dover, DE (-48.6%), Trenton, NJ (-48.3%), and Washington, DC (-45.2%). In contrast, Bozeman, MT recorded the highest increase in new listings at +21.8%.
Closed Transactions Summary
Overall closed transactions declined by 4.7% from November 2024 and 18.5% from October 2025. Prominent markets with notable decreases included San Antonio, TX (-22.9%) and Bozeman, MT (-15.7%). Conversely, year-over-year increases were noted in markets like Wichita, KS (+12.0%) and Miami, FL (+10.4%).
Market Performance by Median Sales Price
November's median sales price across all surveyed areas was $438,000, marking a 1.7% increase year-over-year but a drop from October prices. Trenton, NJ recorded the highest yearly increase at +13.6%, while Seattle, WA experienced the steepest decline at -4.7%.
Supply and Demand Trends
The average close-to-list price ratio dipped to 98% in November, reflecting typical seasonal variances yet remaining constant from October's percentages. Noteworthy declines were observed in areas like Burlington, VT (-2.1 pp) and Dover, DE (-1.5 pp). As for market demand, days on market for homes rose to an average of 54, marking an increase from both the previous year and month.
About REMAX and Its Services
Established as a major player in global real estate with over 145,000 agents across nearly 9,000 offices in more than 110 countries, REMAX, LLC operates as a subsidiary of REMAX Holdings (NYSE: RMAX). Since 1973, the organization has maintained a culture of innovation, empowering agents with independence and encouraging local community engagement through philanthropy. For those looking to buy or sell homes or seeking reliable local agents, REMAX provides a wealth of resources and support.
Frequently Asked Questions
1. What key trends were noted in the November housing report?
The report highlighted a significant decline in new listings and home sales compared to October, alongside continued inventory growth year-over-year.
2. How does the median sales price compare to past months?
The median sales price in November reached $438,000, showing a year-over-year increase of 1.7% but a slight decrease from October.
3. Which markets experienced the largest changes in listings?
Dover, DE, Trenton, NJ, and Washington, DC saw some of the largest year-over-year decreases in new listings.
4. What challenges does Seattle's market face?
The Seattle market is experiencing price declines attributed to various factors, including tax policy changes and shifts within the tech industry.
5. How can consumers benefit from using REMAX agents?
REMAX agents leverage local expertise and market knowledge to provide valuable guidance to both buyers and sellers, especially in fluctuating markets.
