CNBC's Diana Olick joins 'Squawk Box' with the latest home sale data to cross the tape.

Existing home sales in November rose by 0.5% to a seasonally adjusted annualized rate of 4.13 million units, aligning with market expectations. However, sales were still 1% lower than the previous year, and the supply of homes for sale declined by 5.9% from October, despite being higher than a year ago.

The median home price reached $409,200, marking a 1.2% year-over-year increase and the highest November price on record. First-time buyers remained at 30% of sales, below the historical average, while investor purchases increased. The market also saw homes staying on the market longer, with no significant delays in closings reported after the October government shutdown.

November home sales struggle as supply stalls

Well, Rick, existing home sales in November rose 0.5 percent to a seasonally adjusted annualized rate of 4.13 million units. That is right along expectations. Sales down 1 percent from November of last year. Now, this count is based on closing. So contracts likely signed in September and October when mortgage rates initially came down a little bit, but then stayed in a very tight range. The headline on this report is supply. It is coming down again. We've reported on more sellers delisting their homes. There were 1.43 million units for sale at the end of November, down 5.9 percent from October, still up 7.5 percent from the year before, but losing those big annual gains. This is a 4.2 month supply, and that's keeping pressure on prices. The median price of a home sold in November was $409,200, an increase of 1.2 percent year over year and the highest November price on record. Homes are staying on the market longer, an average of 36 days versus 32 the year before. First time buyers just 30 percent, unchanged from a year ago. Historically, that number should be 40 percent. But investors made up 18 percent of sales, up from 13 percent a year ago. And the realtor's chief economist noted they did not see a surge of delayed closings coming out of the government shutdown in October. Leslie.

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Washington

TikTok nears deal to avoid ban in the U.S.

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Kyiv

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Moscow

Ukraine Invasion

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Salem

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Council of the City of Sydney

Australia announces gun buyback program after Bondi Beach shooting

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Beijing

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Brussels

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Providence

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Rio de Janeiro

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Los Angeles

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Caracas

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Breakdown