Homes.com Report: National home price appreciation strengthens in November

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Despite higher prices, lower mortgage rates and a wider selection should boost homebuying activity

Homes.com, a CoStar Group leading online residential marketplace, released a new report analyzing home price trends in November, including details across major metros and house types.

Price data collected to date showed moderate home price appreciation in November, with the nationwide median rising 2.4% compared to the same month last year. The median sale price of $385,000 was up $9,120 from November 2024 and continued a 10-month stretch of median prices between $375,000 and $395,000.

Homeownership affordability has increased slightly in recent months, thanks to continued income growth and a decline in mortgage interest rates of about 0.7 percentage points since their recent high in late May. On the supply side, the inventory of homes available for purchase rose 17.9% year over year to the highest November level since 2015, signaling an improved market balance between supply and demand.

“The market has shifted from one in which opportunistic sellers hoped to take advantage of scant supply to one in which sellers and buyers are finding common ground,” said Brad Case, Chief Residential Economist for Homes.com. “Wider inventory is giving buyers a better opportunity to find the right home. Continued price appreciation, at a time in which interest rates have been easing, gives homebuyers confidence that they can clear the affordability barrier.”

The Midwest region continued to outpace other parts of the country with Cleveland (11.6%), Cincinnati (10.0%), Pittsburgh (8.7%), and Saint Louis (7.5%) leading all other large markets. Thirteen large markets showed price declines, with the median price in Jacksonville, Florida dropping by 4.1% from a year earlier. Across the nearly 1,000 markets tracked by Homes.com, however, nearly 65% showed price appreciation over the past year.

The data shared in this report could change slightly as additional home sales are recorded. Brad Case, Chief Residential Economist, is available for interviews to provide insights on the data and the residential real estate market in general. For more information and insights on the latest home buying and selling market trends, visit Homes.com.