Sales of previously owned U.S. homes surged in November to their highest level since March, driven by a larger inventory of available properties and despite increasing mortgage rates. The National Association of Realtors reported a 4.8% increase in existing home sales last month, reaching a seasonally adjusted annual rate of 4.15 million. This represents a 6.1% jump from November 2020, marking the largest year-over-year gain since June 2021. Home prices continued to rise, with the national median sales price climbing 4.7% year-over-year to $406,100. Despite a slight decrease in unsold homes from October, inventory levels were up 17.7% from the previous year, resulting in a 3.8-month supply at the current sales pace.
Source: https://www.record-bee.com/2024/12/19/us-home-sales-rose-in-november-2024