Home sales snapped a five-month skid in November as easing mortgage rates encouraged homebuyers
ABC News
Sales of previously occupied U.S. homes rose in November, ending a five-month skid, as easing mortgage rates encouraged homebuyers
LOS ANGELES -- 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. That tops the 3.78 million sales pace economists were expecting, according to FactSet.
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.
