Home Sales Increased For Third Straight Month

Existing home sales rose for the third consecutive month in November based on data from the National Association of Realtors.

The seasonally adjusted total of 4.13 million homes sold in the last year was the highest since February, but it remained well below prior norms. From 2013 to 2023, existing home sales typically eclipsed 5 million per year.

An article published by the Wall Street Journal noted that 54% of primary mortgage-holders have mortgage rates at or below 4%, which represents close to 30 million households.

It appears the locked-in effect for single-family homes will continue next year. The Mortgage Bankers Association recently forecasted that mortgage rates will average 6.4% in 2026, giving very little relief to the lack of affordability in the for-sale home market.

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