In November, existing %HomeSales in the United States increased by 0.8 percent, reaching a seasonally adjusted annual rate of 3.82 million, according to the National Association of Realtors. The increase is seen despite elevated mortgage rates, which have recently started to decline after a sustained period of increase. Used home sales make up a majority of the U.S. housing market.
Real estate agents anticipate that the recent drop in mortgage rates, falling below 7 percent, may stimulate more home-buying activity in early 2024. Existing home sales data are a monthly measure of the sales volume and prices of existing single-family homes, condos, and co-ops nationwide.
While November ticked up, 2023 is poised to mark the lowest yearly sales since at least 2011.