“Home sales momentum is building,” Yun said in the report. “More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%.”
Freddie Mac reported that the average 30-year fixed-rate mortgage stood at 6.6% as of December 12, slightly down from the previous week’s 6.69% and from 6.95% a year ago. NerdWallet mortgage expert Holden Lewis noted that part of November’s sales increase was influenced by delays caused by hurricanes in October.
“Some of the increase can be attributed to hurricanes Helene and Milton, which postponed some closings from October to November,” said Lewis. “The supply of homes for sale fell to its lowest level since May, which is a sign that people are eagerly buying what’s available as long as it’s in decent shape and it’s affordable at current interest rates and prices.”
Inventory and pricing trends
Housing inventory at the end of November was 1.33 million units, a 2.9% decline from October but a 17.7% rise compared to a year ago. The unsold inventory represents a 3.8-month supply at the current sales pace, slightly below October’s 4.2 months but above November 2023’s 3.5 months.
The median price for existing homes reached $406,100 in November, up 4.7% year-over-year, with all four major US regions recording price gains. Single-family homes saw a median price of $410,900, a 4.8% annual increase, while condominium and co-op prices rose by 2.8% to $359,800.