"According to Lisa Sturtevant, chief economist at Bright MLS, while the month-over-month increase was positive to see, it's not a strong indicator that lower mortgage rates are drawing in buyers in significant numbers. Buyers are also concerned about their financial situations. Anxiety over job security and prices of goods and services has made some buyers hold back, Sturtevant said in a statement."
"The increased pace in home sales resulted in the number of unsold units dropping 5.9% compared to a month prior to 1.43 million, which represents 4.2 months of supply of unsold inventory at the current sales pace. Despite the monthly decrease, the level of unsold inventory was up 7.5% annually in November. Existing-home sales increased for the third straight month due to lower mortgage rates this autumn, Lawrence Yun, NAR's chief economist, said in a statement."
A month-over-month rise in home sales occurred but did not signal that lower mortgage rates are drawing buyers in large numbers. Financial concerns, including job security and rising goods and services prices, are causing some buyers to hold back. Winter remains the slowest season for housing activity, and annual 2025 sales are expected only slightly above 2024 but below long-term averages. Unsold units fell 5.9% month over month to 1.43 million, about 4.2 months of supply, though inventory was up 7.5% year over year. Median price reached $409,200, marking 29 consecutive months of annual increases. Wage growth outpaced home price gains, aiding affordability, but constrained supply could worsen future affordability. Median days on market rose to 36 and first-time buyers comprised 30% of sales.
Read at www.housingwire.com
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