REMAX NATIONAL HOUSING REPORT FOR NOVEMBER 2025

Core Insights - The U.S. housing market experienced a seasonal slowdown in November 2025, with a decrease in new listings and home sales compared to October, while inventory levels remained elevated [1][3] Inventory Trends - Active inventory increased by 14.5% year-over-year across 51 metro areas surveyed, marking the 23rd consecutive month of year-over-year inventory increases [1][3] - The supply of homes declined by 5.5% from October but was still 14.5% higher than the previous year [1][17] New Listings - New listings dropped by 30.7% month-over-month and fell by 8.3% year-over-year [2][6] - Markets with the largest year-over-year decreases in new listings included Dover, DE (-48.6%), Trenton, NJ (-48.3%), and Washington, DC (-45.2%) [6][8] Home Sales - Home sales decreased by 18.5% from October to November and were down 4.7% compared to November 2024 [3][9] - The markets with the largest year-over-year decreases in home sales included San Antonio, TX (-22.9%), Bozeman, MT (-15.7%), and Anchorage, AK (-13.5%) [9][10] Median Sales Price - The median sales price in November 2025 was $438,000, reflecting a 1.7% year-over-year increase but a 1.5% decrease from October [3][11] - Markets with the largest year-over-year increases in median sales price included Trenton, NJ (+13.6%), Cleveland, OH (+11.8%), and Cincinnati, OH (+10.2%) [11][12] Close-to-List Price Ratio - The average close-to-list price ratio was 98% in November 2025, down from 99% in November 2024 [13] - The largest year-over-year decreases in close-to-list price ratios were observed in Burlington, VT (-2.1 percentage points) and Dover, DE (-1.5 percentage points) [13][15] Days on Market - Homes took an average of 54 days to sell in November 2025, an increase from 47 days in November 2024 [7][16] - The markets with the largest year-over-year increases in days on market included St. Louis, MO (+39.1%) and Manchester, NH (+38.7%) [16] Months' Supply of Inventory - The months' supply of inventory increased to 3.3 months, up from 2.9 months a year ago [7][17] - Miami, FL had the highest months' supply of inventory at 7.5, while Hartford, CT had the lowest at 1.3 [17][18]