Home sales rise at fastest pace since March - but market set for worst year since 1995

In November, existing home sales rose 4.8% from October to a seasonally adjusted annual rate of 4.15 million, the highest pace since March 2023.

The national median sales price for homes rose 4.7% from a year prior, reaching $406,100, marking the 17th consecutive month of price increases.

Despite the recent uptick in sales, overall figures indicate that the housing market will not match last year’s annual total, leading to the lowest sales since 1995.

Lawrence Yun, chief economist for the NAR, stated that the ongoing slump in home sales began in 2022 as mortgage rates climbed from record lows.

Read at New York Post