By Melissa Dittman | National Realtors Association
Momentum is building in the real estate market as improving economic conditions encourage home buyers to make a move. Read more from NAR’s latest housing report.
The housing market is warmer than usual this time of year: Home sales posted a significant jump in November, marking the second consecutive month of increases following a nearly frozen market in the summer.
Existing-home sales, which account for completed transactions for single-family homes, townhomes, condos and co-ops, rose 4.8% month over month and 6.1% annually in November, the National Association of REALTORS® reported Thursday.
“Home sales momentum is building,” says NAR Chief Economist Lawrence Yun. “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%.”
Also, more homeowners are feeling richer as home prices continue to rise, jumping 4.7% year over year in November, according to NAR data. The median existing-home sales price settled in at $406,100, up from $387,800 a year earlier.
