Existing Home Sales Up For The Second Month
For the second consecutive month, sales of previously owned homes have increased. A recent report also revealed that the humber of sales in November exceeded the forecasted amounts, pointing to an increase in consumer demand, inventory and fairly moderate price gains, according to National Mortgage News.
"Contract closings increased from the prior month to an annual rate of 5.32 million, the National Association of Realtors said Wednesday, as the median sales price rose 4.2% from a year ago," according to NMN.
"Meanwhile, the inventory of available homes rose 4.2% from a year earlier, the fourth straight increase."
With the positive uptick in existing home sales, homebuyers will still fight an uphill battle with increased home prices and mortgage rates that are continuously increasing.
Though, there looks to be slight relief with the increase of new-home construction in November, which could help combat rising home prices.
"The surprising strength joins other indicators that suggest U.S. economic growth will hold up this year and next, albeit at a more moderate pace," according to NMN."
"Federal Reserve officials are projected to raise interest rates at the conclusion of their meeting later Wednesday though may slow their pace of hikes in 2019."
To learn more about the increase in sales for existing homes, click on the image above.