Sales of previously owned homes in the U.S. experienced a 4.8% increase in November compared to October, reaching a seasonally adjusted annual rate of 4.15 million units. This marks the third-highest pace of sales this year and the largest annual gain in three years. The rise in sales is attributed to a combination of factors, including a growing economy, increased housing inventory, and buyers adjusting to current mortgage rates.
Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of RealtorsSales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors. That put them at a seasonally adjusted, annualized rate of 4.15 million units.Sales were 6.1% higher than November 2023. This is the third-highest pace of the year and the largest annual gain in three years.
The supply of homes for sale at the end of October was 1.33 million units, up 17.7% from November of last year. At the current sales pace, that represents a 3.8-month supply. A 6-month supply is considered balanced between buyer and seller. First-time homebuyers gained some ground, representing 30% of November sales, up from 27% in October but slightly lower than a year ago. Cash is still king at 25% of sales. Investors, however, pulled back at just 13% of sales, down from 18% in November of last year.
HOMESALES REALESTATE MORTGAGERATES HOUSINGMARKET ECONOMY
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.
Home Sales Surge in NovemberUS home sales witnessed a significant increase in November, marking the third-highest pace this year and the largest annual gain in three years. A combination of factors, including a growing economy, increased housing inventory, and mortgage rates settling between 6% and 7%, are driving this renewed momentum in the housing market.
Read more »
Retail Sales Surge in November, Boosting EconomyRetail sales increased by 0.7% in November, signaling a strong start to the holiday shopping season and indicating continued economic growth despite higher interest rates.
Read more »
Retail Sales Surge in November, Boosting U.S. EconomyNovember retail sales rose 0.7%, driven by strong auto sales and promotions during the holiday shopping season.
Read more »
Retail Sales Surge in November, Boosting Economy Despite Consumer CautionUS retail sales saw a significant increase in November, driven by strong auto sales and holiday shopping. While overall spending grew, there were signs of consumer caution in sectors like groceries, clothing, and restaurants. Economists remain optimistic about a decent holiday sales season.
Read more »
US Home Sales Surge to Highest Pace Since MarchSales of previously occupied U.S. homes jumped in November to their fastest pace since March, fueled by a greater inventory of properties for buyers. Despite rising mortgage rates, existing home sales surged 4.8% from October and 6.1% from November 2022.
Read more »
Metro Denver home sales tumble in November, taking prices down with themMetro Denver home price gains reversed course last month after a sharp rise in October.
Read more »