Home sales in November were up from the prior month as buyers rushed to take advantage of low interest rates, keeping 2021 on track for the strongest year since 2006.
Prices continued double digit annual jumps as inventory remained at historic lows. The affordability challenge of buying a home pushed the share of first-time buyers in the market to historic lows, according to a monthly report from the National Association of Realtors.
" Typical annual median price increases would be around 4% or 5%, normally one or two percentage points above the Consumer Price Index change, said Yun. An annual increase of 13.9% is not typical, but it is a more moderate jump than annual price increases of 20% or more seen earlier this year.Should I rent or buy a home?The main driver of home price appreciation continues to be low inventory. There were 1.11 million homes available at the end of November, down 9.8% from October and down 13.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Covid: Care home boss remortgages own home amid staff crisisSandra Joyce has remortgaged her own home to fund bringing in workers from abroad amid staff crisis.
Read more »
‘Spider-Man: No Way Home’: All the Box Office Records BrokenThe Sony and Marvel movie grossed a staggering $600.8 million in its worldwide debut, good for third place on the all-time list — and that despite the ongoing pandemic.
Read more »
Miami Beach Home Sells for $75 Million, Setting RecordA waterfront mansion on Miami Beach’s Star Island has sold for $75 million, setting a new Miami sales record
Read more »
Israel's Bennett builds on UAE peace while waging war on COVID-19 at home'We'll do what we can to protect lives in the fight against COVID and in the face of the threats posed to our people,' Israeli Prime Minister Naftali Bennett told Newsweek.
Read more »