National Association of Realtors\u2019 chief economist<\/a>, told the Associated Press.<\/p>\nNAR said Friday that existing home sales rose by .5% last month from October while sales fell 1% when compared to November 2024.<\/p>\n
Yunn said one factor hampering home sales is declining demand for condos. Condo sales are down 6% this year, the economist said.<\/p>\n
Meanwhile home prices are continuing to climb despite the slower sales. Nationally, median sales prices increased by 1.2% in November from last year to $409,200.<\/p>\n
It\u2019s an all-time high for any November to date since 1999, according to the Associated Press.<\/p>\n
Home prices have steadily risen for 29 months in a row. Last year saw the sales of previously occupied homes in the U.S. drop to their lowest level in almost 30 years.<\/p>\n
But sales did get a boost this fall when the average rate for 30-year mortgages declined in October to their lowest in more than a year at 6.17%.<\/p>\n
Uncertainty over the job market and the economy could also be keeping some potential buyers from making the plunge.<\/p>\n
NAR released an annual survey of homebuyers that showed first-time buyers accounted for only 21% of home purchases, an all-time low, between July 2024 and June 2025.<\/p>\n
That survey also showed that the average age of homebuyers rose to a record high of 40.<\/p>\n
Yun forecasts that existing home sales in the U.S. will see a big jump next year of 14%. Other housing economists expect a more modest bump between 1.7% and 9%.<\/p>\n","protected":false},"excerpt":{"rendered":"Economists warn that unless December sees improved sales, 2025 could be a down year for home sales.New-build properties…\n","protected":false},"author":2,"featured_media":201135,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-201134","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/201134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=201134"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/201134\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/201135"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=201134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=201134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=201134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Houses](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2025\/12\/2_GettyImages-106898186.jpg\")
New-build properties were left vacant during the recession due to a combination of overbuilding and the public’s inability to afford homes(Image: Getty)<\/p>\n