Posted 12/20/2023, 5:08:06 PM
US Home Sales Edge Up in November But High Prices and Rates Still Squeeze Buyers
- US existing home sales rose 0.8% in November to a seasonally adjusted annual rate of 3.82 million units sold
- Inflated prices and high mortgage rates could still be squeezing prospective home buyers
- Economist Lawrence Yun says it takes months for home buyers to make a purchase from decision to close, so home sales performance can't be fully gauged until well into 2024
- Economist Brad Case sees the housing market as "bubblicious" currently, which is holding back buyers along with high rates
- First-time home buyers made up 31% of November sales, up from 28%, but high prices and fears of declines could constrain entry level buying