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Key Takeaways
- U.S. residence costs rose 0.5% final month from October ranges, in line with Redfin.
- They rose 5.7% year-over-year, a Redfin report launched Tuesday stated.
- The Census Bureau yesterday reported November new-home gross sales knowledge that included a median sale value of just below $485,000.
U.S. residence costs rose once more final month, in line with a brand new report.
Costs rose 0.5% in November from October ranges, marking the third straight month of a rise of that quantity, Redfin stated Wednesday. They had been 5.7% increased year-over-year, in line with Redfin, the smallest annual enhance since October 2023.
Redfin expects comparable will increase within the yr forward–as do many housing specialists, who foresee lots of this yr’s market dynamics persevering with into 2025.
“Elevated mortgage charges will trigger many owners to hold onto their houses—and the low charges they’ve locked in,” Redfin Senior Economist Sheharyar Bokhari stated. “Meaning there will probably be sufficient consumers competing over a comparatively low variety of houses to maintain costs ticking up persistently.”
The Census Bureau on Monday reported November new residence gross sales of 664,000, up almost 6% from a revised October quantity and eight.7% year-over-year. The typical sale value was just below $485,000, the Census Bureau stated.