US Existing Home Sales Rise Less Than Expected

Existing home sales in the US, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 1.9% from October to a seasonally adjusted annual rate of 6.46 million in November, below market forecasts of 6.52 million.

Sales were up in the Midwest, the South and in the West while in the Northeast were flat. Total housing inventory amounted to 1.11 million units, down 9.8% from October.

The median existing-home price was $353,900, up 13.9% from November 2020, as prices increased in each region, with the highest pace of appreciation in the South region.

Determined buyers were able to land housing before mortgage rates rise further in the coming months, locking in a constant and firm mortgage payment motivated many consumers who grew weary of escalating rents over the last year.

The Existing Home Sales, released by the National Association of Realtors, provide an estimated value of housing market conditions. As the housing market is considered as a sensitive factor to the US economy, it generates some volatility for the USD. Generally speaking, a high reading is positive for the Dollar, while a low reading is negative.