NEW YORK, Dec. 19 (Xinhua) -- Sales of existing homes rose in November in the United States, notching the biggest year-over-year gain in more than three years after a higher supply of homes for sale gave buyers more opportunities, reported The Wall Street Journal (WSJ) on Thursday.
"The inventory of homes for sale has been extremely low in recent years because homeowners haven't wanted to give up their low mortgage rates by selling and moving. But supply has risen this year, in part because some of those homeowners are getting impatient, especially if they have had a life change like a new baby or a job relocation," noted the report.
Nationally, there were 1.33 million homes for sale or under contract at the end of November. That was down 2.9 percent from October but up 17.7 percent from November 2023, according to the National Association of Realtors.
"Homes typically go under contract a month or two before the contracts close, so the November data largely reflect purchase decisions made in October and September, when inventory was higher," added the report.
