US existing home sales register first increase in five months

US existing home sales increased month-on-month in November for their first increase in five months.

According to the National Association of Realtors, rose 0.8% month-on-month to a seasonally adjusted annualised rate of 3.82m units in November, rebounding from 3.79m in October - the lowest level since August 2010. The figures came in ahead of forecasts of 3.77m, principally due to a fall in mortgage rates.

Total housing inventory was 1.13m units, down 1.7% from October but up 0.9% from a year ago, while the median existing home price for all housing types was $387,600 - an increase of 4% from November 2022. All four regions registered price increases.

For 2024, the National Association of Realtors predicts 4.71m existing home sales, up 13.5% from 4.1m anticipated in 2023, while annual median home prices were expected to remain largely unchanged at the national level in 2024.

Reporting by Iain Gilbert at Sharecast.com