According to cnbc.com, November home sales surged more than expected, rising 4.8% compared to October, with sales reaching a seasonally adjusted annualized rate of 4.15 million units. This marks a 6.1% increase from November 2023, the largest annual gain in three years.

Mortgage rates, which fell to an 18-month low in September, rose again in October. Despite this, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), noted that more buyers entered the market as housing inventory improved, and consumers adjusted to mortgage rates between 6% and 7%.

At the end of October, there were 1.33 million homes available, up 17.7% from a year ago. However, the tight inventory continues to pressure home prices, with the median price rising 4.7% year-over-year to $406,100.

The most significant price gains were seen in the Northeast and Midwest, at 9.9% and 7.3%, respectively. First-time homebuyers represented 30% of sales in November, while cash buyers accounted for 25%. Investor participation, however, dropped to 13% from 18% a year ago.

The high-end market continues to outperform, with sales of homes over $1 million up 24.5%, while sales of homes under $100,000 fell 24.1%.

For those considering buying or selling, now could be the right time to make a move. Reach out to the Stuecher Manning Group today to explore your options.

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Source: cnbc.com