Sales of previously owned homes show signs of improvement
- Sales of previously owned homes unexpectedly rose in November, ending a 13-year low
- Existing homes were sold at a seasonally adjusted annual rate of 3.82 million, up 0.8% from the prior month
- Rising mortgage rates this summer and fall cooled deal activity
- Lower mortgage rates offer reason for optimism
- Home financing costs have come down significantly since November
- Median home prices in November increased by 4% compared to the previous year
- Supply of homes on the market decreased slightly
Sales of previously owned homes unexpectedly rose in November, ending a 13-year low. Existing homes were sold at a seasonally adjusted annual rate of 3.82 million, up 0.8% from the prior month. This comes after a five-month slump in sales, which was attributed to rising mortgage rates. However, lower mortgage rates offer reason for optimism as home financing costs have come down significantly since November. Median home prices in November increased by 4% compared to the previous year. The supply of homes on the market decreased slightly.
Public Companies: National Association of Realtors (), Freddie Mac (), Mortgage Bankers Association ()
Private Companies:
Key People: Lawrence Yun (Chief Economist, National Association of Realtors), Mike Fratantoni (Chief Economist, Mortgage Bankers Association)
Factuality Level: 7
Justification: The article provides information about the increase in home sales in November, the reasons behind the previous decline, and the potential impact of lower mortgage rates. The information is sourced from the National Association of Realtors, economists, and surveys. However, there is a lack of specific data and analysis to support some statements, such as the claim that lower mortgage rates will lead to a marked turn in home sales.
Noise Level: 4
Justification: The article provides information on the unexpected increase in home sales in November and the factors that contributed to the decline in sales in previous months. It also mentions the impact of mortgage rates on home financing costs and the potential for price gains in the housing market. However, the article lacks in-depth analysis, scientific rigor, and actionable insights. It also contains some repetitive information and filler content.
Financial Relevance: Yes
Financial Markets Impacted: The article provides information on the sales of previously owned homes, which can impact the real estate market and related industries.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the sales of previously owned homes and the impact of mortgage rates on the housing market. While there is no extreme event mentioned, the information is relevant to the financial markets and real estate industry.
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