- China says launches military drills around Taiwan
- Stewart leads Liberty past Lynx to level WNBA Finals
- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
- Sinner wins Shanghai Masters to deny Djokovic 100th career title
- Ubisoft fears assassin's hit over falling sales
- Israel hits Lebanon from the air and fights Hezbollah on the ground
- China's Yin has 'goosebumps' as she romps to LPGA win in Shanghai
- Pakistan to re-use Multan pitch for second England Test
- Blair and King Charles hail Salmond's 'devotion' to Scotland
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- England captain Stokes in line for second Pakistan Test return
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
US home sales edge up in November but still gloomy
Sales of US existing homes crept up in November, according to industry data released Wednesday, though they remained at a low level as high mortgage rates weigh on activity.
Existing home sales rose 0.8 percent to an annual rate of 3.82 million, seasonally adjusted, said the National Association of Realtors (NAR) in a statement.
But NAR chief economist Lawrence Yun sounded an optimistic note, saying that the persistently low sales figures reflect the situation in most of October when mortgage rates were at a two-decade high.
"A marked turn can be expected as mortgage rates have plunged in recent weeks," Yun said.
As of December 14, the popular 30-year fixed-rate mortgage averaged 6.95 percent, according to data from Freddie Mac.
The figure fell below 7.0 percent for the first time since early August.
It may take several months before a meaningful recovery however, Yun said, noting the time needed for home purchases and for buyers to return to the market.
The median price of an existing home was $387,600 last month, up 4.0 percent from the same period a year ago.
- Supply needed -
The uptick in overall sales was in line with analyst expectations even as prices remain high.
"Only a dramatic rise in supply will dampen price appreciation," Yun added.
Existing home sales, which form the majority of the US market, remain "extremely depressed," said analysts from Pantheon Macroeconomics in a recent note.
"The huge gap between prevailing mortgage rates and the average rate on outstanding mortgages continues to keep a lid on activity," Pantheon added.
Homeowners have been reluctant to put their properties on sale after having locked in lower mortgage rates before.
While the drop in rates could encourage home sales to rise in the coming months, Pantheon expects "a durable recovery cannot start until rates fall much further, likely in the second half of next year."
"Existing home sales are past the worst, but the recovery will be slow," said economist Kieran Clancy of Pantheon Macroeconomics.
X.Karnes--AMWN