U.S. Home Sales

Home sales reach highest level since beginning of recession Rising mortgage rates, prices might put a damper on things

Home sales in November jumped to the highest levels seen since the beginning of the recession, but th爱上海

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e flurry of activity could be tempered by rising mortgage rates and sale prices.

Sales of previously-owned homes in the U.S. rose 15.4 percent year-over-year last month to an annual rate of 5.6 million, the highest sales rate seen since 2007, according to a study by the National Association of Realtors (NAR).

At the same time, borrowing rates have soared since the Nov. 8 election. For 30-year fixed-rate mortgages, the average rate was 3.77 percent in November — up from 3.47 the previous month, the Wall Street Journal re上海千花网龙凤论坛

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ported. The average rate has continued to climb in December, reaching 4.16 percent last week.

“We do expect some taperin爱上海同城对对碰

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g off of home sales in 2017,” Lawrence Yun, the NAR s ch阿拉爱上海同城

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ief economist, told the Journal.

Sales prices are also increasing as supply tightens. In November, the median sales price was $234,900, which was a 6.8 percent jump from the same time last year. [WSJ] — Kathryn Brenzel

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