Housing Market Shift: New Listings Increase, Prices Drop, and Demand Remains Low

The median price of existing homes in the US dropped by 6.3% in November, reaching $387,600, the lowest since June 2022. Prices of new houses sold by homebuilders have also fallen by 18% from their peak a year ago. New listings of existing homes, which typically decline after the spring selling season, only fell by 22,000 in November, compared to a drop of 65,280 in the same period last year. Active listings rose to the highest level since August 2020, reaching 754,800 homes. Inventory for sale increased by 1% year-over-year, the first increase since April. Demand for existing homes remains at collapsed levels, with sales in November down by 7.3% compared to 2022 and by 39.7% compared to 2021.