房源供应停滞，11月房屋销售遇冷

Group 1 - High home prices, elevated mortgage rates, and tightening housing supply are suppressing potential buyers' willingness to enter the market [3][7] - In November, existing home sales increased by only 0.5% month-over-month and decreased by 1% year-over-year, with an annualized sales rate of 4.13 million units [3][7] - The number of homes for sale decreased to 1.43 million units by the end of November, a 5.9% decline month-over-month, but a 7.5% increase year-over-year, indicating a supply that can only meet 4.2 months of demand [3][7] Group 2 - The median home price in November reached $409,200, a 1.2% increase year-over-year, marking the highest level for November on record [4][8] - The sales performance of high-end homes is significantly better than that of lower-end homes, with sales of homes priced between $100,000 and $250,000 down nearly 8%, while sales of homes priced over $1 million increased by 1.4% [4][8] - The time homes are listed on the market has increased from 32 days in November of the previous year to 36 days currently [8][9] Group 3 - The share of first-time homebuyers remains at 30%, consistent with the previous year, but below the historical norm of approximately 40% [9] - Investor activity in the market has increased, with their transaction share rising from 13% in November of the previous year to 18% [9]