Real Estate Market Brief
Summary
The U.S. housing market showed mixed signals in November, with sales activity remaining sluggish. While prices hit a record high for the month, inventory unexpectedly declined, and homes took longer to sell, reflecting ongoing affordability challenges for buyers.
Key Points
- Sales & Supply: Existing home sales rose a marginal 0.5% from October but were down 1% year-over-year. Housing inventory fell 5.9% monthly, reversing prior growth.
- Prices: The median home price reached $409,200, a 1.2% annual increase and a record high for November. High-end home sales grew while lower-priced segment sales fell sharply.
- Market Dynamics: Homes sat for 36 days on average, up from 32 days a year ago. Sellers delisted properties at an elevated rate. First-time buyer share remained low at 30%, while investor activity increased.
- Outlook: Affordability is pressured by high prices, mortgage rates, and now tightening supply. Economists warn that sustained supply shortages could hamper future affordability gains.
房地产市场简报
摘要
美国11月房地产市场信号复杂，销售活动持续疲软。虽然房价创下当月历史新高，但库存意外下降，房屋销售周期延长，反映出买家面临的 affordability 挑战依然存在。
关键点
- 销售与供应：成屋销量环比仅微增0.5%，但同比下降1%。住房库存环比下降5.9%，逆转了今年大部分时间的增长趋势。
- 价格：房屋销售中位数价格达到409,200美元，同比上涨1.2%，创11月历史最高纪录。高端住宅销售增长，而低价位住宅销售大幅下降。
- 市场动态：房屋平均待售时间为36天，高于去年同期的32天。卖家撤牌率高于往常。首次购房者占比仍处于30%的低位，而投资者活动有所增加。
- 展望：高房价、高抵押贷款利率以及目前供应收紧持续对 affordability 构成压力。经济学家警告，持续的供应短缺可能阻碍未来 affordability 的改善。
Original Article Link: https://www.cnbc.com/2025/12/19/november-home-sales.html