MNI BRIEF: US Nov Existing Home Sales Jumps 4.8% To 4.15M
MNI (WASHINGTON) - U.S. sales of existing homes jumped 4.8% to a seasonally adjusted annual rate of 4.15 million in November, the National Association of Realtors said Thursday, the quickest pace since March and above market expectations of 4.08 million. From a year earlier, sales have increased 6.1%, the largest year-over-year gain since June 2021.
The national median home price is up 4.7% year-over-year to USD406,100, the 17th consecutive month of year-over-year increases. The median home price was down two tenths over the month of November. The inventory of unsold existing homes slipped 2.9% from the previous month to 1.33 million at the end of November, or the equivalent of 3.8 months of supply.
"Despite the Federal Reserve cutting interest rates, mortgage rates have mostly trended higher from September," said NAR Chief Economist Lawrence Yun, who expects building sales momentum and continued growth in inventories over time, in a call with reporters. "With the mortgage rate largely stable, the improving condition of inventory, and more job creation, that could be pushing the home sales higher year to date."