US existing home sales rise 0.5pc in November

(Sharecast News) - US existing home sales ticked higher in November, according to the National Association of Realtors, marking a third consecutive monthly increase. Sales increased 0.5% month-on-month to an annualised 4.13m, slightly below the 4.2m expected but still the strongest level seenin nine months, as easing mortgage rates helped support activity despite recent soft labour data.

Single‑family home sales were up 0.8% to 3.75m, while the median sales price rose 1.2% year‑on‑year to $409,200 - one of the slowest rates of growth since mid‑2023. Housing inventory fell 5.9% to 1.43m units.

"Existing-home sales increased for the third straight month due to lower mortgage rates this autumn," said NAR chief economist Lawrence Yun. "However, inventory growth is beginning to stall."





Reporting by Iain Gilbert at Sharecast.com