Positive Momentum in US Housing Market as Home Sales Rise and Mortgage Rates Ease

Home sales in November increased slightly by 0.8% compared to the previous month, despite rising prices and higher mortgage rates. However, sales were still weak, down 7.3% from the previous year. The median price for existing homes reached a record high of $387,600, marking the fifth consecutive month of year-over-year price increases. The National Association of Realtors expects a turnaround in sales due to the recent decline in mortgage rates, but emphasizes that a significant increase in housing supply is needed to curb price appreciation.