Real Estate News

30-year mortgage money is at  6.74%, 15- year 6.22%, FHA 30 year is 6.12%, Jumbo  7.05%.

Existing home sales in the US rose by 4.8% from the previous month to a seasonally adjusted annualized rate of 4.15 M in November 2024, the highest in eight months, compared to 3.96 M in October and better than market expectations of 4.07 million. "Home sales momentum is building. More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%." Sales advanced in the Northeast (8.5%), the Midwest (5.3%) and the South (5.6%) but remained steady in the West. Total housing inventory was 1.33 million units, down 2.9% from October. The median existing home price for all housing types was $406,100, up 4.7% from one year ago. All four US regions posted price increases. source: National Association of Realtors

Sales of new single-family homes in November 2024 were at a seasonally adjusted annual rate of 664,000, according to estimates. This is 5.9 percent above the revised October rate of 627,000 and is 8.7 percent above the November 2023 estimate of 611,000.The median sales price of new houses sold in November 2024 was $402,600. The average sales price was $484,800.The seasonally adjusted estimate of new hones for sale at the end of November was 490,000. This represents a supply of 8.9 months at the current sales rate. Source U.S. Census Bureau and HUD

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 Source: U.S. Census Bureau & Mortage News Daily