Home Sales Rebound Slightly in November but Remain Down Sharply From 2021 Peak
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Existing home sales rebounded in November, rising 0.8% from October to an annual rate of 3.82 million units. This snaps a 5-month losing streak.
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Sales still down 7.3% from November 2021. Economist cites high mortgage rates in October for continued weakness.
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Inventory fell 1.7% from October, helping drive prices up 4% from last year to median of $387,600.
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25-day average time homes sat on market before being sold, down from 14 days in July 2022.
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Mortgage rates have retreated recently but likely not enough yet to spur a significant increase in home listings, per economist.