Existing Home Sales Gained For a Third Straight Month, NAR Says
Sales of existing homes rose 1.9% in November as homebuyers rushed to lock in low interest rates, NAR said in a report.
December 22, 2021 2 MIN
Sales of existing homes rose 1.9% in November as homebuyers rushed to lock in low interest rates, NAR said in a report.
Homebuilder confidence rose to a 10-month high in December, signaling an expanded supply of new houses available for sale next year.
The breakneck pace of home price gains made it tough to be a first-time property buyer in the third quarter, according to NAR data.
The median sale price for a home rose to $360,250 during the four-week period ending Dec. 5, a gain of 14% from a year earlier, the report said.
Prices for detached single-family homes surged as people searched for low-density living quarters during the pandemic, CoreLogic said.
The volume of signed contracts to purchase homes jumped as Americans rushed to secure financing before mortgage rates rose higher.
New-home sales in October rose to the highest level since April, according to a Commerce Department report.
Existing home sales in October rose to the highest level since January, according to a Monday report from the National Association of Realtors.
Residential builders are still being challenged by a lack of materials and workers, said Mark Vitner, a Wells Fargo senior economist.
Homebuilder confidence rose in November, the third consecutive month of gains, despite supply-chain bottlenecks that slowed deliveries.
