US Housing Market , Sees Temporary Surge , as Mortgages Inch Lower.<br />'Newsweek' reports that the United States <br />housing market saw a surge in activity <br />amid declining mortgage rates.<br />At the same time, housing prices have reached <br />their highest point since October of 2022.<br />Last week, Redfin released a report <br />indicating a steep increase in pending <br />home sales and housing prices in November.<br />According to Mortgage News Daily, this <br />coincides with the drop in mortgage rates, <br />which have ebbed back to 6.64%.<br />In November, the median price of U.S. homes <br />rose to $408,732, a 3.7% increase from 2022.<br />The Redfin report also indicated that <br />pending home sales had risen 2% month over <br />month, reaching the highest level in a year. .<br />A year ago, sellers had trouble <br />understanding why they weren't <br />getting $20,000 over the list price <br />like their neighbor did during <br />the pandemic homebuying boom, Shay Stein, a Redfin Premier real estate <br />agent in Las Vegas, via 'Newsweek'.<br />Now, they understand that to sell <br />their home, they need to price <br />it fairly and in some cases offer <br />the buyer concessions like <br />money toward closing costs <br />or mortgage-rate buydowns, Shay Stein, a Redfin Premier real estate <br />agent in Las Vegas, via 'Newsweek'.<br />'Newsweek' reports that despite increased activity,<br />the Redfin report also found that 16.9% of home-<br />purchase agreements in November were canceled.<br />That cancellation rate was <br />the highest its been since 2017
