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Key Takeaways
- U.S. home prices rose 0.5% last month from October levels, according to Redfin.
- They rose 5.7% year-over-year, a Redfin report released Tuesday said.
- The Census Bureau yesterday reported November new-home sales data that included an average sale price of just under $485,000.
U.S. home prices rose again last month, according to a new report.
Prices rose 0.5% in November from October levels, marking the third straight month of an increase of that amount, Redfin said Wednesday. They were 5.7% higher year-over-year, according to Redfin, the smallest annual increase since October 2023.
Redfin expects comparable increases in the year ahead–as do many housing experts, who foresee many of this year’s market dynamics continuing into 2025.
“Elevated mortgage rates will cause many homeowners to hang onto their homes—and the low rates they have locked in,” Redfin Senior Economist Sheharyar Bokhari said. “That means there will be enough buyers competing over a relatively low number of homes to keep prices ticking up consistently.”
The Census Bureau on Monday reported November new home sales of 664,000, up nearly 6% from a revised October number and 8.7% year-over-year. The average sale price was just under $485,000, the Census Bureau said.
