Existing home sales grew ever so slightly across the U.S. last month, breaking a five-month streak of decline. According to the National Association of Realtors, sales were up 0.8 percent in November.
Year-over-year, sales fell 7.3 percent.
“The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected as mortgage rates have plunged in recent weeks.”
Among the four major U.S. regions, sales climbed in the Midwest and South but receded in the Northeast and West. All four regions experienced year-over-year sales decreases.
The median existing-home price for all housing types in November was $387,600, an increase of 4 percent from November 2022. All four U.S. regions posted price increases.