Housing Market Rebounds as Mortgage Rates Dip Below 7%
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Falling mortgage rates have driven more buyers and sellers back into the housing market, with November seeing the highest listings and pending sales in a year.
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Total home listings increased 3.9% month-over-month in November, the biggest jump since July 2022.
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Newly added inventory also hit a high, climbing 1.3% from October.
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Median home prices dipped 1.1% in November to $408,732, signalling that price growth is normalizing after the pandemic boom.
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Mortgage rates below 7% for the first time since August could bring even more buyers back as rates fall further.