US Home Sales in November Reach Fastest Pace Since March

A growing housing supply and steady demand drove a 4.8% monthly increase, despite elevated mortgage rates.

Existing home sales in November rose 4.8% from October to an annualized rate of 4.15 million, exceeding economist predictions.
Sales showed a 6.1% year-over-year increase, marking the largest annual gain since June 2021.
The national median home price climbed 4.7% from a year earlier to $406,100, continuing a 17-month streak of annual price increases.
Housing inventory increased 17.7% year-over-year, with 1.33 million unsold homes translating to a 3.8-month supply at the current sales pace.
First-time buyers accounted for 30% of November sales, while high-end properties saw the strongest growth, with sales of homes priced over $1 million surging 24.5% year-over-year.