Published: 2024-12-19T15:12:40.000Z
U.S. November Existing Home Sales - Picking up, but for how long?
Senior Economist , North America
-
November existing home sales have shown a stronger than expected 4.8% rise to 4.15m, though pending home sales data had hinted at a strong ruse. A recent bounce in housing demand has been supported by Fed easing. If Fed easing is now starting to slow, further gains may be modest.
Gains were seen in three out of four regions, the exception being unchanged sales in the West. The South with a 5.6% rise did not show an exceptional post-hurricane bounce.
The median price saw a 0.2% decline on the month but this data is not seasonally adjusted and yr/yr data at 4.7% from 3,9% is at a 6-mionth high, suggesting that stronger demand is being felt in prices.
