US housing market: Home sales tick up in November; annual volumes slip as prices stay elevated
Existing home sales increased 0.5 per cent from October to a seasonally adjusted annual rate of 4.13 million units, the National Association of Realtors said.
However, sales were down 1 per cent from November 2024, marking the first year-on-year decline since May.
The figure was marginally below economists’ expectations of 4.14 million units, according to FactSet.The national median home price rose 1.2 per cent from a year earlier to $409,200.
This marked the 29th consecutive month of annual price increases, even as overall housing activity remained subdued.The US housing market has been in a prolonged slowdown since 2022, when mortgage rates began rising sharply from pandemic-era lows.
Although long-term mortgage rates have hovered near their lowest levels for the year.
Affordability pressures remain high due to elevated prices and borrowing costs.Sales volumes have largely stagnated at around a 4-million-unit annual pace since 2023, well below the historical average of about 5.2 million units.
