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USA existing home sales unexpectedly reached the largest year-on-year increase in three years, with home prices accelerating to new highs, and investors are adopting a wait-and-see attitude.
In November, existing home sales in the USA exceeded expectations, surpassing the annualized rate of 4 million units for the first time in six months, indicating that homebuyers are accepting mortgage loan rates above 6%. The Mortgage Bankers Association expects that mortgage loan rates will remain above 6% for at least the next two years. The median sales price for existing homes rose by 4.7% year-on-year in November, reaching $406,100, setting a record high for November.
