➤ Key Highlights

• Existing home sales have been trending higher since June, when the monthly sales print bottomed at 3,930,000 for 2025.

• Mortgage rates fell below the key 6.64% level and headed toward 6.

• There has been 200,000 more sales growth since June.

• Existing-home sales increased for the third straight month due to lower mortgage rates this autumn.

• NAR: 1.43 million units total housing inventory in November, down 5.9% from October and up 7.5% from November 2024 (1.33 million).

• 4.2-month supply of unsold inventory, down from 4.4 months in October and up from 3.8 months in November 2024.

• NAR Median sales price in November: $409,200, up 1.2% from one year ago ($404,400).

Existing home sales have risen for three consecutive months, supported by declining mortgage rates. Inventory levels have shown both month-over-month and year-over-year changes, with the median sales price continuing to increase. The supply of unsold homes has fluctuated but remains higher than a year ago.

Viewed through the lens of tenant behavior, this event highlights evolving preferences in housing choices as buyers respond to changes in mortgage rates and available supply. The shifting pace of sales activity reveals how households adapt their housing decisions in response to economic incentives and market conditions. Changing inventory levels may indicate new patterns in how long tenants remain in properties or seek new opportunities. These developments suggest that residential demand is not static, but continually responding to a dynamic marketplace.

⚠️ Why it matters now

For CRE professionals, understanding tenant-driven demand patterns is crucial for anticipating shifts in occupancy and lease-up dynamics. As households adjust their purchasing timelines and preferences, multifamily operators and developers may need to reassess assumptions about turnover and tenant retention. The lens of tenant behavior helps clarify how broader market movements could influence leasing, resident demand, and the allocation of residential supply.

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➤ TAKEAWAY

Ongoing monitoring of sales and inventory trends may provide additional insight into tenant behavior and housing preferences. As mortgage rates and supply levels continue to shift, further adjustments in residential demand could emerge. CRE stakeholders may observe new patterns in tenant movement and market adaptability as these dynamics evolve.