US Home Prices Rose Month-to-Month in November, Redfin Says | Global News Avenue

A new report shows that U.S. home prices rose again last month.

Redfin said Wednesday that prices rose 0.5% in November from October, marking the third consecutive month of gains. Data from Redfin showed year-over-year growth of 5.7%, the smallest annual increase since October 2023.

Redfin expects similar growth in the year ahead — and so do many housing experts, who foresee many of this year’s market dynamics Lasts until 2025.

“Rising mortgage rates will cause many homeowners to hold on to their homes, along with the low rates they’re locked into,” said Sheharyar Bokhari, senior economist at Redfin. “That means there will be “Enough buyers are competing for a relatively small number of homes to keep prices rising.”

The Census Bureau reported on Monday that 664,000 new homes were sold in November, up nearly 6% from October’s revised figure and up 8.7% year over year. The average sales price is just under $485,000, according to the Census Bureau.