US existing home sales unexpectedly jumped in November to their highest level since March, fueled by a larger inventory of homes on the market. However, sales remain below last year's levels.
Sales of previously occupied US homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as sales accelerated 6.1% compared with November last year, representing the biggest year-over-year gain since June 2021.The latest home sales topped the 4.1 million pace economists were expecting, according to FactSet.The national median sales price rose 4.7% from a year earlier, to $406,100.
Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low. Elevated mortgage rates and high prices have kept homeownership out of reach for many prospective buyers.There were 1.33 million unsold homes at the end of last month, down 2.9% from October, but up 17.7% from November last year, NAR said. That translates to a 3.8-month supply at the current sales pace, down from a 4.2-month pace at the end of October last year, but up from 3.5-month pace in November last year
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