Welcome to ’95

From the NY Post:

Home sales rise at fastest pace since March — but market set for worst year since 1995

Sales of previously occupied US homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher.

Existing home sales rose 4.8% last month, from October, to a seasonally adjusted annual rate of 4.15 million, the National Association of Realtors said Thursday.

Sales accelerated 6.1% compared with November last year, representing the biggest year-over-year gain since June 2021.

The latest home sales topped the 4.1 million pace economists were expecting, according to FactSet.

Home prices increased on an annual basis for the 17th consecutive month. 

The national median sales price rose 4.7% from a year earlier, to $406,100.

Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low.

“Looks like we won’t match last year in terms of the annual total, so it will be the lowest home sales since 1995,” said Lawrence Yun, the NAR’s chief economist.

The US housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. A shortage of homes for sale has helped prop up prices, which as of last month are up 50% nationally since 2019.

This entry was posted in Demographics, Economics, Employment, Housing Bubble, Mortgages, National Real Estate. Bookmark the permalink.

11 Responses to Welcome to ’95

  1. Fast Eddie says:

    Worst year since ’95, but price to income was much better in ’95. Housing today is a sign of wealth. Look to Tuckerton or Bridgeton for a potential bargain.

  2. Libturd says:

    Second!

  3. Chi in Green Bay For MNF says:

    Ten 462

  4. No One says:

    Eddie,
    Instead of Bridgeton maybe look for houses in Bridgerton, a Netflix fantasy land where historical English royalty are fully DEI compliant. You can binge-watch the show during your holiday break.

  5. RentL0rd says:

    Talking about shows – Zombie House Flipping is a good one. Except that most of these flips are in Fl and TX.

  6. grim says:

    Have a Happy Christmas and a Merry Chanukah all!

  7. grim says:

    My wife was watching some new series on HGTV the other night, it was such piss poor house flipping that I was shocked they’d stoop so low to even show it on TV. It wasn’t even that bullshit where they show the TV host doing a little work, but behind the scenes you had decent contractors, this was total DIY garbage, unfiltered.

  8. Fast Eddie says:

    Happy and Merry to you and your family as well. Thank you so much for this forum, for allowing us to vent, rant, discuss, posit, ponder and debate! :)

  9. Phoenix says:

    Happy Holidays to all.

    Q for those who are in finance. This guy does a bunch of videos.

    Is he a clown or on point?

    https://youtu.be/1CFKqKfm6X0

  10. 3b says:

    Merry Christmas/ Happy Hanukkah to all. Peace.

  11. Very Stable Genius says:

    Merry Christmas

    grim says:
    December 24, 2024 at 12:57 pm
    Have a Happy Christmas and a Merry Chanukah all!

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