Rising mortgage rates are no joke to eager homebuyers.
According to Realtor.com, existing home sales rose 15.4 percent year-over-year in November, the most existing homes sold since February 2007. The rate was spurred by buyers who wanted to secure a decent mortgage before any more interest rate hikes. Rising home prices also played a factor, as the median price of an existing home moved up to $234,900 in November, a 6.8 percent year-over-year increase.
Of the 5.6 million existing homes sold in November, more than half of them were located in the South or Midwest.
The cost of owning continues to edge up, but the residences are still significantly cheaper than buying a newly built home—by about 29.6%. The median cost of a new home was $304,500 in October, according to the most recent data available from the U.S. Commerce Department.
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand