US Existing Home Sales Rise 0.5% in November

Sales of previously owned homes in the United States increased slightly in November, marking the third consecutive monthly gain, though the pace fell compared to the previous year amid ongoing affordability challenges.

The National Association of Realtors reported Friday that existing home sales rose 0.5 percent from October to a seasonally adjusted annual rate of 4.13 million units. That figure was just below economists' expectations of 4.14 million, according to FactSet. Compared with November 2023, sales declined 1 percent. Through the first 11 months of 2024, transactions are down 0.5 percent from the same period a year earlier, putting the full year on track to be the lowest since 1995.

The uptick came despite persistent hurdles in the housing market. Average rates on 30-year mortgages, which fell to 6.17 percent by late October, the lowest in more than a year, provided some relief. Homes sold in November typically went under contract in September or October, when rates ranged from 6.5 percent to 6.17 percent, according to Freddie Mac. Rates have held steady near that October low in recent weeks.

Even with the modest boost, demand remains subdued. Affordability issues,...