Lisa Mailhot | December 23, 2024
Buyers
According to the latest report by the National Association of Realtors (NAR), existing-home sales have witnessed a significant surge, climbing by 6.1% annually in November. This increase is notable across three of the four major U.S. regions, with sales remaining stable in the West.
NAR Chief Economist Lawrence Yun highlighted that the momentum in home sales is partly due to buyers adapting to a new normal of mortgage rates between 6% and 7%. Additionally, the overall economy's job growth and an increase in housing inventory have also contributed to this uptrend.
The median price of existing homes across the U.S. reached $406,100, marking a 4.7% increase from the previous year. This continued rise in prices reflects a 17-month trend of year-over-year increases. At the end of November, while housing inventory slightly decreased from October, it was still 17.7% higher than the previous year.
The existing-home sales market is vibrant, offering opportunities for both buyers and sellers to benefit from the current trends. If you are looking to make a move to Orange County or explore opportunities in the dynamic real estate landscape, let's connect and find the perfect strategy for you.
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