
US home sales rose in November to fastest pace since March as growing supply encouraged homebuyers
By ALEX VEIGA, Associated Press Business Writer
Sales of previously occupied U.S. homes rose in November to their fastest pace since March as home shoppers were encouraged by a wider selection of properties on the market, despite rising mortgage rates.
Existing home sales rose 4.8% last month, from October, to a seasonally adjusted annual rate of 4.15 million, the National Association of Realtors said Thursday.
Sales accelerated 6.1% compared with November last year, representing the biggest year-over-year gain since June 2021. The latest home sales topped the 4.1 million pace economists were expecting, according to FactSet.
Home prices increased on an annual basis for the 17th consecutive month. The national median sales price rose 4.7% from a year earlier, to $406,100.
There were 1.33 million unsold homes at the end of last month, down 2.9% from October, but up 17.7% from November last year, NAR said.
That translates to a 3.8-month supply at the current sales pace, down from a 4.2-month pace at the end of October last year, but up from 3.5-month pace in November last year. Traditionally, a 5- to 6-month supply is considered a balanced market between buyers and sellers.
More Stories
UK mid-sized firms lag in boosting ethnic diversity on boards
Almost one fifth of mid-sized British businesses have not improved the ethnic diversity of their boards, according to the government-backed...
Dear Abby: Kids want me to stay with alcoholic hubby
Dear Abby: I have been married for 27 years. Most of them have been miserable. My husband has been a...
Lloyd’s of London braces for $2.3bn loss from California wildfires
Lloyd’s of London, the world’s oldest insurance market, expects to incur losses of about $2.3 billion from the Californian wildfires,...
Trump Promised Americans Booming Wealth. Now He’s Changing His Tune.
WASHINGTON — As a presidential candidate, Donald Trump promised an economic “boom like no other.” But eight weeks into his...
Ukraine meeting intended to clarify what’s possible, Rubio says
By Courtney McBride, Alberto Nardelli and Natalia Drozdiak, Bloomberg News WASHINGTON — Tuesday’s U.S.-Ukraine meeting in Saudi Arabia is intended...
Monday’s tournament scoreboard
SCORES BOYS BASKETBALL DIVISION 1 SEMIFINAL – Monday Franklin 52, Central Catholic 44 SEMIFINAL – Tuesday at Worcester State No....