US Existing Home Sales Unexpectedly Rise Amid High Mortgage Rates

By Fan-Yu Kuo
NAHB – Eye on Housing
December 20, 2023
Category: Finance & Economics
Region: United States

Existing home sales rose in November from a 13-year low, ending a five-month decline, according to the National Association of Realtors. This increase in sales was driven by a strong gain in the South, where homes are considered more affordable. Low inventory and strong demand continued to drive up existing home prices. However, recent declines in mortgage rates and a continued improvement in inventory are expected to fuel more demand in the coming months. Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops rose 0.8% to a seasonally adjusted annual rate of 3.82 million in November. On a year-over-year basis, sales were 7.3% lower than a year ago. The first-time buyer share rose to 31% in November, up from 28% in October 2023 and November 2022. The November inventory level decreased slightly to 1.13 million units but was up 0.9% from a year ago.

Read More