LOS ANGELES — Sales of previously occupied U.S. homes rose in November, ending a five-month skid, as easing mortgage rates provided some breathing room for homebuyers.
Existing home sales rose 0.8% last month from October to a seasonally adjusted annual rate of 3.82 million, the National Association of Realtors said Wednesday. That tops the 3.78 million sales pace economists were expecting, according to FactSet.
Sales were still down 7.3% compared with November last year, and are down 19.3% through the first 11 months of 2023 compared with the same period last year.
The pickup in sales helped push up home prices compared with a year earlier for the fifth month in a row. The national median sales price rose 4% from November last year to $387,600.
The modest increase in sales arrives with mortgage rates in decline after a sharp runup that sent borrowing costs on home loans higher. The rising cost of borrowing money compounded hurdles for buyers because there are so few homes on the market, sending home prices higher as well.
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