US home sales rose 1.9 percent in November

Combined Shape

WASHINGTON (AP) — U.S. home sales increased in November for the second straight month, but sales plummeted 7 percent from a year ago amid growing affordability pressures.

The National Association of Realtors said Wednesday that sales of existing homes rose 1.9 percent to a seasonally adjusted annual rate of 5.32 million last month. But higher mortgage rates have caused sales over the past 12 months to plunge at the steepest pace since May 2011, when the real estate sector was still in the grips of the housing bust.

The average 30-year mortgage rate was 4.63 percent last week, up from 3.93 percent a year ago. Borrowing costs for home loans began to climb after President Donald Trump increased the federal budget deficit by signing tax cuts into law last year. Mortgage rates have slumped in recent weeks as the falling stock market has signaled concerns about the U.S. economy.

The declining stock market has created an additional drag for would-be buyers seeking to buy more expensive homes, as sales of properties worth more than $1 million declined from a year ago.

The median sales price in November was $257,700, up 4.2 percent from last year. Price gains have moderated in the past year, though they’re still climbing faster than the 3.1 percent increase in average hourly wages during the past year.

Trending:
New York AG: CNN, MSNBC Parent Companies Funded Millions of Phony Comments to Sway Trump Administration

As home sales have slipped in the past year, more properties are sitting on the market and inventory has risen 4.2 percent to 1.74 million units.

Sales dropped 8.2 percent last month in the West, where housing is generally more expensive. Purchases increased last month in the Northeast, Midwest and South. All four geographic regions have seen declining sales over the past year.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation