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Existing home sales jumped in November, rising 4.8% from the month prior and 6.1% year over year, new data from the National Association of Realtors shows.
Zillow Group chief economist Skylar Olsen joins Wealth host Brad Smith to break down what the data signals about the housing market ahead of 2025.
"Existing home sales more than matched our optimism for November's numbers. We did expect it to come in probably surprisingly high, [but] I think this more than delivered," Olsen says. She notes Zillow has been tracking a "stronger momentum from new listings, from existing homeowners kind of filling up the shelves, adding to that inventory for buyers, and the strength of the economy pushed buyers through in a make-it-work mode, despite rising mortgage rates to deliver such a stunning showing."
The economist says that, in the new year, "we're not going to see [a] big relief from a price correction. Any relief that we hope for from affordability will come in the form of lower mortgage rates."
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This post was written by Naomi Buchanan.