Mortgage rates are back on the decline, and as a result, the American housing market has seen a surge upward.
Housing prices have reached their highest levels in over a year, since October 2022, according to a new report by Redfin.
The report showed a steep increase in pending home sales and housing prices last month, a development that went in lockstep with the falling mortgage rates.
November’s median sale price of a home in the U.S. climbed to $408,732 – a 3.7% rise over November 2022 and the steepest growth seen in about a year.
Pending home sales also inched up 2% over the previous month, reaching their highest level in a year on a seasonally adjusted basis.