November Home Sales Surge: Lower Mortgage Rates Drive Market Boost
Thursday, Dec 19, 2024 10:15 am ET
4min read The housing market experienced an unexpected surge in November, with existing home sales rising more than anticipated, driven by lower mortgage rates. This positive development signals a potential turnaround in the market, as buyers and sellers alike respond to favorable conditions.
The National Association of Realtors (NAR) reported that existing home sales increased by 0.8% in November, reaching a seasonally adjusted annual rate of 3.82 million. This figure surpassed economists' expectations and marked a significant improvement from the previous month. Although sales were still 7.3% lower than the same period last year, the upward trend indicates a strengthening market.
The primary factor behind this surge in home sales is the decline in mortgage rates. After reaching a two-decade high in October, mortgage rates have since cooled off, making home purchases more affordable for buyers. According to Zillow Senior Economist Nicole Bachaud, the drop in mortgage rates and cooling inflation likely played a role in unlocking buyers who had been waiting for more affordable housing options.
The median existing-home price in November was $387,600, up 4% from November 2022. While prices remain high, the slower pace of growth may have contributed to improved affordability and boosted consumer confidence in the housing market. Additionally, the increase in new construction activity played a significant role in the November home sales boost. Zillow's November 2024 Market Report noted that new construction showed increased activity, signaling that builders were feeling more optimistic about the next few months in the housing market.
Seasonal factors and market dynamics also influenced the November home sales surge. Typically, November sees a slowdown in home sales due to colder weather and the holiday season. However, this year's surge can be attributed to the decline in mortgage rates, which made home purchases more affordable. Although the market is improving, it is not yet back to pre-pandemic levels, with existing home sales still 7.3% lower than the prior year.
In conclusion, the November home sales surge, driven by lower mortgage rates and increased new construction activity, signals a potential turnaround in the housing market. As mortgage rates continue to decline and inventory levels improve, buyers and sellers alike can expect a more favorable market in the coming months. However, it is essential to monitor the market's progress and remain aware of potential risks and challenges that may arise.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
_b12bfc681746625161204.jpg)
Investing in crypto is an incredible opportunity to be part of the future of finance. As the world moves toward decentralization, cryptocurrencies and blockchain technology are shaping how we think about money, transactions, and investments. The potential for growth in this space is unmatched, especially for those who understand the trends and take action early. I've been fortunate to have guidance from Facebook. A remarkable mentor in the crypto space. Her insights and expertise have been invaluable in helping me navigate the complexities of crypto trading and investing. If you're serious about succeeding in the crypto world, I highly recommend learning from her knowledge and experience. The future of crypto is bright-don't miss out .. Contact her on FaceBook - Madelyn Brookes or her WhatsApp +1 (206) 776-4159
Recover Your Lost Funds with Expert Assistance from BSB Forensic
If you've fallen victim to fraudulent activities involving a company, broker, or account manager, don't lose hope. BSB Forensic specializes in helping individuals recover lost funds through thorough investigation and expert financial recovery strategies.
I personally recommend their trusted services—they successfully assisted me in recovering my lost funds, and I am confident they can help you too.
For more information and to start your recovery process today, visit Bsbforensic. com
yes
If you ever want to change or up your university grades, contact Cybergolden Hacker; he'll get it done and show proof of work done before payment. He's efficient, reliable, and affordable. He can also perform all sorts of hacks, including text, WhatsApp, password decryption, hacking any mobile phone, escaping bankruptcy, deleting criminal records, and the rest.
Email: cybergoldenhacker at gmail dot com
We made contac! The Ancient Alien Theorists were right!
haha
lol
𝐈 𝐡𝐚𝐯𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞 𝐢𝐧 𝐡𝐞𝐫 𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐭𝐨 𝐩𝐫𝐨𝐯𝐢𝐝𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜, 𝐚𝐧𝐝 𝐩𝐫𝐮𝐝𝐞𝐧𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐝𝐯𝐢𝐜𝐞. 𝐆𝐞𝐭 𝐭𝐡𝐞 𝐞𝐝𝐠𝐞 𝐢𝐧 𝐜𝐫𝐲𝐩𝐭𝐨 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐜𝐡𝐚𝐭 👥𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤 𝐩𝐚𝐠𝐞, 𝐂𝐚𝐭𝐡𝐞𝐫𝐢𝐧𝐞 𝐄. 𝐑𝐮𝐬𝐬𝐞𝐥𝐥 𝐓𝐫𝐚𝐝𝐢𝐧𝐠~𝐯𝐢𝐞𝐰 𝐒𝐡𝐞 𝐜𝐨𝐧𝐬𝐢𝐬𝐭𝐞𝐧𝐭𝐥𝐲 𝐝𝐞𝐦𝐨𝐧𝐬𝐭𝐫𝐚𝐭𝐞 𝐩𝐫𝐨𝐟𝐞𝐬𝐬𝐢𝐨𝐧𝐚𝐥𝐢𝐬𝐦, 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲, 𝐚𝐧𝐝 𝐠𝐞𝐧𝐮𝐢𝐧𝐞 𝐜𝐚𝐫𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐩𝐞𝐨𝐩𝐥𝐞 𝐬𝐡𝐞 𝐰𝐨𝐫𝐤 𝐰𝐢𝐭𝐡. 𝐈 𝐰𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐡𝐞𝐬𝐢𝐭𝐚𝐭𝐞 𝐭𝐨 𝐫𝐞𝐜𝐨𝐦𝐦𝐞𝐧𝐝 𝐂𝐚𝐭𝐡𝐞𝐫𝐢𝐧𝐞 𝐄. 𝐑𝐮𝐬𝐬𝐞𝐥𝐥 𝐭𝐨 𝐚𝐧𝐲𝐨𝐧𝐞 𝐬𝐞𝐞𝐤𝐢𝐧𝐠 𝐞𝐱𝐩𝐞𝐫𝐭 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐩𝐞𝐚𝐜𝐞 𝐨𝐟 𝐦𝐢𝐧𝐝 𝐢𝐧 𝐭𝐡𝐞𝐢𝐫 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐝𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬. 🆙