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Home sales ticked up last month even as prices climbed

today 12/20/2023
The November data released by the National Association of Realtors shows that home sales increased slightly, despite rising prices and high mortgage rates. Sales of existing homes rose 0.8% in November compared to the previous month, ending a five-month decline. However, sales were still down 7.3% compared to the same time last year when sales were stronger. These figures reflect activity in October before the recent decrease in mortgage rates. The housing market remains unaffordable due to elevated prices and high mortgage rates. The median price for existing homes sold in November reached a record high of $387,600, marking the fifth consecutive month of year-over-year price increases. Lawrence Yun, the chief economist of NAR, expects a significant shift in the market due to the recent decline in mortgage rates. The lack of inventory continues to be a challenge, with the supply of homes for sale decreasing slightly from October but increasing slightly from last year.
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