Danielle Hale

Existing-home sales slipped 1.0% in September to a pace of 3.84 million, lagging the year-ago pace by 6.1%. The median home sale price rose 3.0%.

Mortgage rates ticked up to 6.72% this week; but in a promising sign for the housing...

Discover how the recent election results, the Fed's policy changes, and shifts in mortgage rates are affecting housing dynamics.

Discover how the recent election results, the Fed's policy changes, and shifts in mortgage...

This week, core inflation ticked—mostly driven by housing costs. It underscores the Federal Reserve's need to be vigilant next month.

Existing-home sales climbed 3.4% in October to a pace of 3.96 million, surpassing the year-ago pace by 2.9%, the first yearly sales gain since July 2021. The median home sale price rose 4.0%.

Mortgage rates might be ticking up, but there is a bright spot on the horizon as existing-home sales climb.

This week, our key data covered the labor market as unemployment edged up and hourly wages climbed. Hiring rebounded in November, and hourly wages climbed 4.0%, faster than recent inflation. And while job openings are down from one year ago, they still remain relatively abundant. This gradual adjustment should clear the path for the Fed to continue normalizing monetary policy, and I expect another quarter point rate cut later in December, especially if inflation is moderate next week.

The consumer price index showed that overall inflation picked up to 2.7% in November as energy price declines didn't fully offset shelter gains.

Existing-home sales climbed 6.1% in November, to a pace of 4.15 million, surpassing a 4 million sales pace for the first time in 6 months. The median home sale price rose 4.7%.