The pace of Phoenix home sales rose 10.2% year over year to 4,764 in November’s RE/MAX National Housing Report. Month over month, however, sales were down 12%. 

Home sales nationally rose 6.3% year over year but fell 11.6% month over month, reflecting the typical year-end slowdown. 

The median-sales price for a home in the 50 metro areas surveyed was $429,000, up 5.7% year over year but down 0.2% month over month. 

The average close-to-list-price ratio was 99%, the same as October and November 2023. Miami had the lowest close-to-list-price ratio, at 94%, followed by Bozeman, Montana, at 95.6% and Houston and Tampa, which tied at 96.6%. 

The average days on market totaled 47, up seven days from November 2023 and five days from October. Miami, which saw days on market rise 36.9% from 52 to 71, had the greatest year-over-year increase. 

The number of homes for sale in November rose 25% year over year but fell 4.3% month over month. Specifically, months’ supply of inventory rose to 2.9 from 2.6 in both October and November 2023. Miami had the largest supply of inventory, at 7.6 months, which represents a 59.2% year-over-year surge.  

“Year-over-year growth across nearly all major categories signals a strong finish to 2024,” RE/MAX President Amy Lessinger said in a press release. “With consumer confidence rising and Millennials driving demand — many of whom are reaching key life milestones like marriage and children — 2024 looks set to outperform 2023 overall. If these trends continue, it could bode well for the 2025 housing market.”