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Existing-home sales saw a significant increase in November, climbing 4.8% from an annual rate of 4.15 million, specifically in the Northeast and South.
This marks the highest pace since March and a 6.1% year-over-year increase, the strongest since June 2021, according to findings from the National Association of Realtors (NAR).
Existing-home sales include single-family homes, townhomes, condominiums and co-ops.
The median sales price also rose by 4.7% reaching $406,100. Economists are attributing the rise in homebuying to steady job growth.
NAR data showed first-time homebuyers were responsible for 30% of sales in November, up from 27% in October.
Homebuyers on the market expect mortgage rates between 6% and 7% and more housing equity.
“Existing homeowners are capitalizing on the collective $15 trillion rise in housing equity over the past four years to look for homes better suited to their changing life circumstances,” said NAR Chief Economist Lawrence Yun.
Cash sales made up 25% of transactions in November, down from 27% in October.
Buyers have changed their housing needs, with 2.6% of sales in November stemming from existing condominiums and co-ops.
The uptick suggests that buyers are adapting to the market conditions, said the NAR.
