Home Sales Rise Slightly, Prices Hit Record High

Home sales in the U.S. saw a modest increase in November, with 4.13 million homes sold at an annualized rate, a slight rise from October but still a 1% decrease from last year. The number of available homes dropped by nearly 6% in November, now at a 4.2-month supply. Home prices continue to rise, with the median price at $409,200, a 1.2% increase from last year. Sales of luxury homes increased, while those in the mid-range decreased. Lawrence Yun, chief economist for the National Association of Realtors, attributes this to low distressed property sales and homeowners equity, with many sellers removing their homes from the market during winter.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.