US existing home sales rise past forecasts in November

(Sharecast News) - Second-hand home sales in the States jumped last month. According to the National Association of Realtors, in seasonally adjusted terms existing home sales in the US jumped by 4.8% month-on-month in November to reach an annual rate of 4.15m (consensus: 4.07m).

That marked their fastest clip since March.

"Home sales momentum is building," said NAR chief economist Lawrence Yun.

"More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%."

In year-on-year terms, sales were ahead by 6.1%, their quickest pace since June 2021.

Median sales prices meanwhile were up by 4.7% year-on-year to reach $406,100.

The inventory of unsold homes fell by 2.9% versus October to reach 1.33m or the equivalent of 3.8 months' worth of sales.

In October the inventory of unsold homes had stood at 4.2 months.