November home sales surged more than expected, boosted by lower mortgage rates
November saw a 4.8% increase in previously owned home sales over October, according to the National Association of Realtors. This resulted in a yearly rate of 4.15 million units, adjusted for season.
Compared to November 2023, sales increased 6.1%. This is the biggest annual growth in three years and the third-highest pace of the year.
Contracts were probably signed in September and October because this count is based on closings. October saw a sharp increase in mortgage rates after they had dropped to an 18-month low in September.
Lawrence Yun, the NAR's top economist, stated that momentum in home sales is increasing. Due to the economy's ongoing job growth, rising housing inventory compared to a year ago, and customers adjusting to the new normal of mortgage rates between 6% and 7%, mor...