**FAQ:**

**1. What contributed to the increase in existing home sales in November?**
The increase in existing home sales in November was attributed to improvements in inventory and the continued trend of lower mortgage rates.

**2. What was the median sales price of existing homes in November?**
The median sales price of all existing homes in November was $406,100, marking a 4.7% increase from the previous year.

**3. How did the first-time buyer share change in November?**
The first-time buyer share rose to 30% in November, up from 27% in October but slightly lower than 31% in November 2023.

**4. What was the inventory level of existing homes in November and how does it compare year-over-year?**
The existing home inventory level fell to 1.33 million units in November, which is up 17.7% from a year ago. Unsold inventory represented a 3.8-month supply in November.

**5. Which regions saw the highest increase in existing home sales in November?**
The Northeast region experienced the highest increase in existing home sales in November at 8.5%, followed by the Midwest at 5.3%. The West region saw no change in sales.

**Conclusion:**
Despite challenges such as higher mortgage rates and elevated home prices, the real estate market saw a notable increase in existing home sales in November. The rise in sales can be attributed to improvements in inventory levels and lower mortgage rates. While the market may face headwinds due to anticipated increases in mortgage rates, the gradual improvement in inventory is expected to help slow home price growth and enhance affordability. The recent gains in existing home sales show positive signs for the market, but future data will reveal the continued impact of market dynamics on sales trends.