E
xisting-home sales increased in November in three major U.S. regions and remained stable in the West. Sales rose 4.8% from October to a seasonally adjusted annual rate of 4.15 million. Year-over-year, sales increased by 6.1%. Lawrence Yun, NAR Chief Economist, noted that the housing market is gaining momentum due to job growth, increased housing inventory, and consumers adjusting to mortgage rates between 6% and 7%. Total housing inventory was at 1.33 million units in November, down 2.9% from October but up 17.7% from the previous year. The median existing-home price in November was $406,100, a 4.7% increase from the previous year. First-time buyers accounted for 30% of sales in November, up from 27% in October. Cash sales made up 25% of transactions, down from the previous year. Mortgage rates for a 30-year fixed-rate mortgage averaged 6.6% in December. Single-family home sales increased by 5.0% in November, while existing condominium and co-op sales rose by 2.6%. Existing-home sales in the Northeast, Midwest, South, and West all saw increases in November.