JRE - Hot Air Comes Out Of Condo Prices But Not House Prices: Existing Home Sales Update

• Sales of existing homes of all types in November ticked up from October but fell 2% from November last year, to a seasonally adjusted annual rate of 6.46 million homes, the fourth month in a row of year-over-year declines amid tight supply.
• The median price of single-family houses, at $362,600, while down 2.0% from the peak in June was still up 14.9% from a year ago. But the median price of condos, at $283,200, was down 8.9% from the peak in June and up “only” 4.4% year-over-year.
• Mortgage rates have already risen, with the average 30-year fixed-rate mortgage rate going from 2.65% in January this year to 3.12% currently, according to Freddie Mac data. And they are expected to rise further next year.

For further details see: