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US existing home sales unexpectedly rose in November, to seasonally adjusted annual rate of 3.82 million units, ending five consecutive monthly decreases, according to the National Association of Realtors.
Further gains could be limited by a chronic shortage of houses on the market. Home resales, accounting for a large portion of US housing sales, dropped 7.3% on a year-on-year basis in November.
The average rate on the popular 30-year fixed-rate mortgage averaged 6.95% last week, the lowest level since August and down from 7.03% in the prior week, particularly amid signals of potentially lower borrowing costs in 2024.
Single-family housing starts and permits reached 1-1/2-year highs in November, potentially alleviating inventory squeeze. However, less than 2 million previously owned residences are available, and it will take 3.5 months to deplete the current stockpile. Housing prices remain high due to offers.
The US Dollar Index, which has pared daily gains over the past two hours, is currently trading slightly higher for the day at 102.20. US Treasury yields are still below 3.90% on the 10-year, and they are at monthly lows.
