Sales of previously occupied U.S. homes slowed for the tenth consecutive in November, constrained by a tight inventory of properties on the market and mortgage rates averaging more than double what they were a year ago.
FILE - A"For Sale" sign stands in front of a house in Rochester, New York, on Monday, January 17, 2022. On Wednesday the National Association of Realtors reports on sales of existing homes in November. – The housing market slump deepened in November as sales of previously occupied U.S. homes slowed for the tenth consecutive month — the longest such stretch on records going back to 1999.
Still, home prices continued to rise last month, though at a far smaller rate than just a few months ago. The national median home sales price rose 3.5% in November from a year earlier, to $370,700. November’s housing snapshot is the latest evidence of a deepening rut from what was a blistering sales pace at the start of the year, when mortgage rates hovered near historic lows.
Though they've declined in recent weeks, mortgage rates averaged 7.08% as recently as early November. While mortgage rates don’t necessarily mirror the Fed’s rate increases, they tend to track the yield on the 10-year Treasury note. The yield is influenced by a variety of factors, including expectations for future inflation and global demand for U.S. Treasurys.
On average, homes sold in just 24 days of hitting the market last month, up from 21 days in October, the NAR said. That’s still a relatively quick turnaround, as before the pandemic homes typically sold more than 30 days after being listed for sale.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Home Sales Dropped 7.7% in November, a Record 10th Straight Month of DeclinesU.S. existing home sales slid in November for a 10th straight month, extending a record streak of declines as high mortgage rates and home prices pushed many buyers out of the market.
Read more »
U.S. existing home sales fall for 10th straight month in NovemberU.S. existing home sales slumped to a 2-1/2 year low in November as the housing market continued to be squeezed by higher mortgage rates.
Read more »
Home sales tumbled more than 7% in November, the 10th straight month of declinesInterest rates are now about one percentage point lower than they were at the end of October, but still a little more than twice what they were at the start of this year.
Read more »
Existing home sales tumble 7.7% in November, 10th straight month of declinesSales of previously owned houses fell in November for the 10th consecutive month as rising interest rates pushed potential homebuyers out of the market.
Read more »
US home sales fell in November, the 10th consecutive monthLOS ANGELES (AP) — The housing market slump deepened in November as sales of previously occupied U.S. homes slowed for the tenth consecutive month — the longest such stretch on records going back to 1999.
Read more »
U.S. home sales fell in November, the 10th consecutive monthSales of previously occupied U.S. homes slowed for the tenth consecutive in November, constrained by a tight inventory of properties on the market and mortgage rates averaging more than double what they were a year ago.
Read more »