RE Market Pulse – Week of November 24, 2025

Each week, I analyze the evolving dynamics of the market, identifying emerging trends, shifts in momentum, and key considerations for real estate professionals. Last week, the National Association of REALTORS® reported October existing home sales rose 1.2% to an annualized rate of 4.10 million, the strongest pace since February and 1.7% above last year. The median sales price climbed 2.1% annually to $415,200, marking 28 consecutive months of appreciation and setting a record high for October. Pending sales hit multi-year highs, up 26% annually and extending 16 weeks of double-digit growth in purchase applications. On the economic front, September payrolls rose by 119,000, exceeding expectations, while unemployment edged up to 4.4%, the highest since 2021. Average hourly earnings grew 3.8% year over year, signaling a moderating but still expanding labor market.

Below are key events from the third week of November impacting our business.

November 24, 2025

EXISTING HOME SALES RISE IN OCTOBER. October existing home sales rose 1.2% to a 4.10-million annualized pace — the highest level since February and 1.7% above last year. Regional gains in the Northeast, South, and Midwest offset a decline in the West. Inventory stood at 1.52 million units, up 10.9% year over year, representing a 4.4-month supply. Homes averaged 34 days on market, while first-time buyers accounted for 32% of purchases, up from 27% a year ago. The median sales price climbed to $415,200, a 2.1% annual increase and the 28^th consecutive month of price appreciation. Full story from EYEONHOUSING →

• Why this Matters: Rising existing home sales and stronger participation from first-time buyers signal improved accessibility and confidence, supported by a healthier level of inventory compared to last year. At the same time, the median price continues to climb, marking nearly two and a half years of uninterrupted appreciation, which underscores the importance of making well-timed decisions. For sellers, sustained demand and higher prices reinforce stable market conditions, while buyers benefit from more choices and competitive opportunities despite regional differences. Overall, these trends point to a market that remains active and more balanced.

TOTAL PENDING HOME SALES REACH MULTIYEAR HIGH. Pending sales have reached a multiyear high, per HousingWire data, suggesting continued momentum. Over the past 16 weeks, purchase applications have recorded double-digit annual growth, including a 26% annual increase last week. Inventory expanded 33% year-over-year during the peak selling season, but has since moderated to 15.5% growth as demand strengthened and new listings slowed. Mortgage rates have remained below 6.64% for 16 straight weeks, supporting sustained demand. Full story from HOUSINGWIRE →

• Why this Matters: Sustained growth in existing and pending home sales reflects steady buyer demand, supported by mortgage rates that have remained below 6.64% for four months. At the same time, inventory growth, though moderating, indicates more choices for consumers compared to last year, helping ease competitive pressures. Rising purchase applications underscore that buyers are re-engaging, while steady price appreciation highlights the importance of acting strategically in a complex and fluid market. Overall, these dynamics suggest improved stability, giving consumers both opportunity and urgency as they navigate housing decisions.

U.S. ADDED 119,000 JOBS IN SEPTEMBER, MORE THAN EXPECTED. The September jobs report showed stronger-than-expected growth, with nonfarm payrolls rising by 119,000 after August’s revised decline. The unemployment rate ticked up to 4.4%, the highest since 2021, while average hourly earnings increased 0.2% month over month and 3.8% year over year. These figures underscore a slowing of the U.S. labor market, though one that is still expanding. Full story from CNBC →

• Why this Matters: The September jobs report matters to consumers because it reflects both opportunity and caution in the broader economy. Stronger-than-expected job growth signals continued expansion, which supports household income and consumer confidence. At the same time, the uptick in unemployment highlights that the labor market is cooling, meaning job security and career mobility may feel less certain for some workers. For consumers, steady wage growth helps offset inflationary pressures and sustains purchasing power. Together, these dynamics suggest a labor market that is still creating opportunities — but at a slower pace.

THE BOTTOM LINE: The housing market is closing 2025 with renewed strength and stability. At the same time, the broader economy continues to expand, though at a slower pace. For consumers, this means more options in the marketplace, but also the need to act strategically as prices continue to rise. For real estate professionals, the data points to sustained activity and opportunities to guide clients through a market that is active, competitive, and more balanced than in recent years.