Full Report in Digital Form

As we move into the heart of the holiday season, the U.S. housing market is settling into its typical late-year rhythm. November brought a modest change in home prices, a noticeable cooldown in activity, and a few economic signals that buyers and sellers are watching closely as we head into 2026.

Below is a clear snapshot of what happened nationally in November 2025, and what it may mean for your next move.

Key November 2025 Housing Headlines

Prices

• The U.S. median house sales price was $414,300, up slightly from one year ago.
• The median condo/co-op price was $358,600, essentially unchanged year over year.

Sales activity

• Existing-home sales fell 18% from October and 7% from November 2024, reflecting the seasonal slowdown and continued affordability pressures.

Inventory

• Active listings declined 6% month over month, which is common as the year winds down.
• Active listings increased 7.5% year over year, suggesting a gradually improving supply picture compared to last year.
• Months supply of inventory fell for the third straight month, indicating fewer homes available relative to the pace of sales.

Market pace and competition

• Median time on market was 36 days, up 4 days from November 2024.
• About 18% of homes sold above asking price, showing that well-positioned listings are still attracting strong demand even in a slower season.
• Price reductions fell 16% from October, but were up 16% year over year, which suggests sellers are still recalibrating pricing expectations compared to last year.

Buyer makeup

• Cash purchases: 27%
• First-time buyers: 30%
• Vacation use: 5%

The Broader Economic Backdrop

November and early December also brought meaningful economic context that can influence buyer behavior and mortgage demand:

• The Federal Reserve made its third quarter-point benchmark-rate reduction of 2025.
• The 30-year mortgage rate remains close to its 15-month low, which has helped stabilize buyer interest.
• The unemployment rate rose to 4.6%, the highest point in four years.
• The latest inflation reading was 2.7%, although some analysts have questioned its accuracy.
• Consumer confidence remains very low, even as markets continue to climb.
• The S&P 500 hit a new peak on 12/11/25, reflecting optimism in financial markets despite mixed consumer sentiment.

What This Means for Buyers Right Now

If you are a buyer, the late-year slowdown can be an advantage, even if it does not feel dramatic on the surface.

• Less competition than spring and early summer: With activity down month over month, you may find more breathing room to schedule showings and negotiate terms.
• Pricing is more sensitive: Year-over-year increases in price reductions suggest some sellers are willing to adjust when the market does not respond quickly.
• Mortgage conditions are improving at the margin: Rates near a 15-month low can boost affordability, even if overall costs remain elevated.

Buyer tip: Focus on homes that are priced correctly and show well. The fact that 18% of sales still closed above asking price tells us that standout properties are still getting bid up.

What This Means for Sellers Right Now

If you are selling, November data reinforces a simple truth: presentation and pricing matter even more in a seasonal market.

• Homes are taking longer to sell: Median days on market rose to 36 days, so plan for a slightly longer runway and prioritize an early, strong launch.
• The market is rewarding “ready” listings: Even with slower overall activity, multiple-offer outcomes are still happening for homes that are positioned correctly.
• Reductions are a strategy, not a failure: Price reductions are up year over year, which often reflects a market that is normalizing rather than overheating.

Seller tip: In a market where buyers are value-conscious, the winning formula is clear pricing, excellent photos, and strong digital distribution from day one.

Looking Ahead to 2026: A Gradual Rebalancing

Compass chief economist Mike Simonsen’s outlook points to a shift that many buyers and sellers have been waiting for: not a sudden correction, but a gradual return of mobility and healthier market balance.

He expects the next phase to look like flattening prices, modestly easing mortgage rates, and improving affordability over time as incomes rise faster than home prices.

In other words, 2026 may be less about dramatic market swings and more about steady progress toward a more functional housing market.

How We Use National Trends Locally in Naples

National numbers are helpful, but real estate decisions happen locally and at the property level. Our job is to translate big-picture trends into a clear strategy for your neighborhood, your timeline, and your goals.

Whether you are buying, selling, or simply planning for the year ahead, we can help you:

• Understand what current conditions mean for your price point
• Identify the best timing and positioning for a sale
• Build a smart offer strategy based on your competition and the property’s demand profile

Information above reflects the details provided for November 2025 national market activity and related economic indicators. Real estate conditions vary by location, property type, and price point.