New home sales in November advanced but stayed well below the five-year average. The median and average sale prices dropped to new lows over the three years to the months.
Existing home sales in November rose at the fastest pace in over three years as the U.S. economy adds new jobs, buyers adjust to higher mortgage rates, and median home prices continue to advance.
The Federal Reserve lowered the overnight lending rate range by 25 basis points and signaled possible fewer rate cuts in 2025. The monetary policy committee raised its economic growth and inflation estimate but trimmed its unemployment rate estimate.
For years, the Federal Reserve has been reminding investors that the central bank is committed to bringing down inflation to 2%, but policymakers continue to pursue less than restrictive monetary policy.
Affordability and two hurricanes in the South impacted the overall housing market activities in October. New home sales plunged at the fastest pace in 11 years and dropped to the level last seen in October 2022.
U.S. goods trade deficit expanded with the European Union, China, Mexico, and Vietnam as imports of passenger cars, computing equipment, advanced chips, and pharmaceuticals rose in September.
New home sales jumped in September after sales in the South and the Midwest rose at double-digit rates. The median home price was nearly unchanged, but the average home price fell.
U.S. job openings increased in August, and both the number of hires and separations changed little, and within separations the number of quits trended down to the lowest since August 2020.
Single-family house sales in August declined from the previous month, driven by the decline in the West, Northeast, and Midwest but an increase in the South.
The Federal Reserve lowered its key lending rates by 50 basis points, larger than the standard 25 basis points, and signaled possible two rate cuts totaling 50 basis points before the year's end.
Housing starts and completions rebounded in August, but building permits lagged from a year ago in August amid growing activities in the Midwest, South, and West.
