By National Associate Realtor
Existing-home sales posted a slight gain last month, breaking a streak of five consecutive monthly declines and foreshadowing what is expected to be a more favorable real estate market in 2024.
The National Association of REALTORS® reported Wednesday that existing-home sales, which are completed transactions for single-family homes, townhomes, condos and co-ops, rose 0.8% in November. That figure is likely to grow in the coming months as borrowing costs fall, says NAR Chief Economist Lawrence Yun. Mortgage rates averaged 6.95% last week after reaching nearly 8% earlier this fall.
Still, November existing-home sales were down 7.3% from a year earlier, NAR reports. Home prices, which are still rising due to low inventory, are pressing on buyers’ budgets. Prices were up 4% year over year in November, reaching a median of $387,600. “Only a dramatic rise in supply will dampen price appreciation,” Yun says.
