ShareAssociated Press
Sales of previously occupied U.S. homes rose in November, ending a five-month skid, as easing mortgage rates encouraged homebuyers. Existing home sales rose 0.8% last month from October to a seasonally adjusted annual rate of 3.82 million, the National Association of Realtors® said Wednesday. Sales were still down 7.3% compared with November last year. The pickup in sales helped push up home prices compared with a year earlier for the fifth month in a row. The national median sales price rose 4% from November last year to $387,600. “Home sales always respond to lower interest rates,” said Lawrence Yun, the NAR’s chief economist, adding that home sales have “no doubt” hit their low point of the current housing market cycle. Homebuyers still had to navigate a competitive market due to the chronic shortage of homes for sale, especially the most affordable homes. Homes sold last month typically within just 25 days after hitting the market, and about 19% of properties sold for more than their list price, a sign that many homes are still receiving multiple offers, the NAR said.