Posted 12/15/2023, 2:59:00 PM
Housing Market Perks Up as Rates Dip, Buyers and Sellers Return
- New listings and pending home sales increased to the highest levels in a year in November as mortgage rates fell from October peaks
- Median home prices rose 3.7% year-over-year in November, the biggest increase since October 2022
- Sellers are pricing more fairly and offering concessions like closing cost help to attract buyers
- Buyers and sellers who had been waiting on the sidelines are re-entering the market as rates drop
- Rates are expected to fall further, potentially spurring significant housing market activity if they dip below 6% or a "magic" 5.5% level