In November 2024, housing prices in the United States, according to Redfin, increased by 0.5% compared to the previous month, seasonally adjusted. This is the third month in a row when prices have increased by 0.5%.
Year-on-year, house and apartment prices increased by 5.7%, which is the lowest since October 2023.
November was the sixth month in a row when annual price growth slowed, and the second month in a row when it dropped below 6%. This is about the same rate as in 2019, before the rush of demand caused by lower rates during and after the pandemic. Recall that in March 2022, prices increased by 21.7% year-on-year.
"Housing prices are likely to grow steadily during 2025, at the same pace as this year," said Shehriyar Bokhari, senior economist at Redfin.Due to high mortgage rates, many homeowners will prefer to hold onto their homes and the low rates they have fixed. That is, there will be enough buyers competing for a relatively small number of houses, which will create the prerequisites for a stable price increase.
Source: Lesprom
