US Home Sales Surge as Mortgage Rates Drop and Listings Reach Record High

U.S. existing home sales rebounded in November, rising 0.8% from the previous month to an annual rate of 3.82 million units, as lower mortgage rates enticed buyers back into the market. However, sales remain down 7.3% compared to November 2022. The decline in inventory contributed to higher prices, with the median price of an existing home sold in October up 4% from a year ago. The supply crunch is driven by sellers holding onto low mortgage rates, and experts believe a significant increase in home listings may not occur until the second half of 2024.