‘Only a dramatic rise in supply will dampen price appreciation,’ National Association of Realtors chief economist says
- U.S. home sales rose in November for the first time since May
- Median price for an existing home rose to $387,600 in November
- Total number of homes for sale in November rose 0.9% from last year
- Sales of existing homes rose the most in the South, going up by 4.7%
- U.S. housing market showing signs of early recovery as mortgage rates dip below 7%
- Lawrence Yun, chief economist at the NAR, says only a dramatic rise in supply will dampen price appreciation
U.S. home sales rose in November for the first time since May, indicating an early sign of a housing market recovery. Sales of previously owned homes increased by 0.8% to an annual rate of 3.82 million. The median price for an existing home rose to $387,600, the highest for the month of November since data tracking began. The total number of homes for sale in November also saw a slight increase of 0.9% from last year. Sales of existing homes were strongest in the South, with a 4.7% increase. The U.S. housing market is showing signs of recovery as mortgage rates dip below 7%, attracting keen home buyers. However, Lawrence Yun, chief economist at the National Association of Realtors, cautions that only a dramatic rise in supply will dampen price appreciation.
Public Companies: National Association of Realtors (NAR)
Private Companies:
Key People: Lawrence Yun (Chief Economist at the NAR)
Factuality Level: 7
Justification: The article provides factual information about U.S. home sales in November, including the increase in sales, the median price of existing homes, and the number of homes for sale. It also includes quotes from Lawrence Yun, the chief economist at the National Association of Realtors, providing additional context. However, the article lacks in-depth analysis and does not provide a comprehensive view of the housing market.
Noise Level: 4
Justification: The article provides information on U.S. home sales rising in November, but it lacks in-depth analysis and context. It mainly focuses on the numbers and statistics without exploring the underlying factors or potential implications. The article also includes some irrelevant information about mortgage rates and stock market reactions. Overall, it lacks scientific rigor, intellectual honesty, and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: The article provides information on the U.S. housing market, which can impact the real estate industry, mortgage rates, and potentially the stock market.
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the rise in U.S. home sales in November, indicating a potential housing-market recovery. While there is no mention of an extreme event or its impact, the information provided is relevant to financial topics and can impact the real estate industry and mortgage rates.
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