Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.
November 2025
Data
Existing-Home Sales
Existing-home sales increased by 0.5% in November. Month-over-month sales increased in the Northeast and South, showed no change in the West, and fell in the Midwest. Year-over-year sales showed no change in the Northeast and South, and decreased in the Midwest and West.
Pending Home Sales
Pending home sales in November jumped by 3.3% from the prior month and 2.6% year over year. Month-over-month and year-over-year pending home sales rose in the Northeast, Midwest and South, and West.
Housing Affordability Index
The housing affordability index rose slightly to 106.2 in October from 105.3 in September. An index above 100 means that a family with a median income has more than the income required to afford a median-priced home.
REALTORS® Confidence Index
First-time buyers represented 30% of buyers, down slightly from 32% last month and unchanged from 30% one year ago. 27% of buyers had all-cash sales, a slight decline from 29% one month ago and up slightly from 25% one year ago.
How REALTORS® Can Use This
REALTORS® can use existing-home sales and pending home sales data to gauge current demand trends and anticipate market shifts. They can also utilize the affordability and quarterly data to identify pricing patterns and assess buyer capacity across different regions to adapt strategies for their clients.
Videos
- Ask the Economist: Are You Confident in the Optimistic 2026 Forecast of a 14% Increase in Home Sales?
- Ask the Economist: How Can I Find Data on Average Home Stays and Is It a National Trend?
- Ask the Economist: Is the 50-Year Mortgage a Viable Option or Just a Marketing Ploy?
- Ask the Economist: Where Can I Find Data on Real Estate Agents and Their Average Annual Transactions?
How REALTORS® Can Use This
“Ask the Economist” is a new video series that gives REALTORS® a quick, easy-to-digest update straight from NAR’s Research Team on new economic trends and market activity. REALTORS® can use this in listing appointments to show buyers/sellers they’re up-to-date on interest rates, housing inventory, etc.; buyer consultations to explain why now might be a good time to act or wait based on real data; email follow-ups: “Here’s what NAR’s latest economist update says about local trends.”
Reports
- November 2025 Commercial Real Estate Market Insights
- 2025 Appraisal Process Report
- 2025 Appraisal Issues Survey (member login required)
How REALTORS® Can Use This
REALTORS® can leverage NAR reports to provide clients with data-driven insights on specific market conditions and equip themselves with important knowledge about the market. This empowers members to assist buyers and sellers in making informed decisions regarding timing, pricing, and location.
Articles on the Economy
- Housing Affordability in October Rose Despite Higher Home Prices
- Consumer Price Inflation Moderating, Shelter Costs Decelerating
- The November Employment Situation
- Tracking Unemployment Insurance Claims: Week of December 6, 2025
- The Cash Buyer and the Waltz of the Rising Rates: A Modern Market Tale
- How NAR Research Collects First-Time Buyer Data and Why It Matters
- December's Market Dynamics: Sales, Inventory, and Buyer Trends
How REALTORS® Can Use This
REALTORS® can use the Economists’ Outlook blog to stay updated on experts’ commentary, economic forecasts, housing market outlooks, and regional trends, and then use these insights to help clients on timing purchases or sales based on anticipated market movement. By sharing analysis of the housing market and translating it into consumer-friendly guidance, agents can build credibility and empower their clients to navigate the housing market with confidence.