Existing-Home Sales Expanded 0.8% in November, Ending Five-Month Slide
Per the National Association of REALTORS® (NAR), existing-home sales grew in November, breaking a streak of five consecutive monthly declines. Sales climbed in the Midwest and South but receded in the Northeast and West, among the four major United States regions. It was also found that all four regions experienced year-over-year sales decreases.
According to NAR, total existing-home sales1 – completed transactions that include single-family homes, townhomes, condominiums and co-ops – elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022).
“The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.”
According to Freddie Mac, the 30-year fixed-rate mortgage(link is external) averaged 6.95% as of December 14, falling below 7% for the first time since August 10. That’s down from 7.03% the previous week but up from 6.31% one year ago.
