December 20, 2024
More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.
National Association of Realtors Chief Economist Lawrence Yun, referring to the most recent existing-home sales data. Sales saw the largest year-over-year gain since summer 2021.
Why It Matters: The housing market positions itself as an important indicator of the U.S. economy’s strength. U.S. existing-home (aka previously owned) sales account for the largest portion of the nation’s housing market at more than 90%. The latest existing-home sales report shows a 4.8% increase in sales for November compared to the month prior, and a 6.1% increase compared to this time last year. In short, the numbers indicate a growing housing market as people increasingly buy existing homes.
Something To Consider: The average cost of an existing home increased for the 17th consecutive month (using year-over-year figures) for a mean price of $406,100 in November.
Read More: Existing-Home Sales Elevated 4.8% in November; Post Strongest Year-Over-Year Increase Since June 2021 (National Associate of Realtors)
by Emily Hooker, based in Texas
