US Existing Home Sales Rise in November as Mortgage Rates Ease

National median sales price continues to climb, reaching $387,600, while housing inventory remains low.

Existing home sales in the US rose by 0.8% in November, ending a five-month decline, due to easing mortgage rates.
The national median sales price rose by 4% from November last year to $387,600, marking the fifth consecutive month of year-over-year price increases.
Despite the increase in sales, the average rate on a 30-year home loan remains sharply higher than two years ago, discouraging homeowners from selling.
The inventory of homes for sale at the end of November was 1.13 million units, down 1.7% from October but up 0.9% from a year ago.
First-time homebuyers accounted for 31% of all homes sold in November, up from 28% in October.