 
In particular, the Sales of existing home in the US have seen 4.8 % increase in November 2024 as compared to month earlier that has cite through the Economic Times.
Causes of Increased Existing Home Sales
1. High Demand:
These are common factors that suggest that there were more home buyers and they were more willing to buy homes or homes were sold in existing markets. Fair market and availability of good job opportunities have made people confident and invest on properties.
2. Low-interest Rates:
Borrowing costs have been on the low side because the Federal Reserve has kept interest rates low to help the economy at large. This has fostered the need for mortgage and assisted the housing market to stand firm during the period of COVID outbreak.
3. Limited Housing Inventory:
As much as the need for homes has continued to increase, the number of homes available on the market has not increase much. An inadequate number of houses for sale, therefore, exerts pressure on prices and results in a higher number of mortgages sold.
Consequence on the Housing Market
Already increased existing home sales could have several more implications on the housing market in the coming months. Here are some potential outcomes:
1. Increased Prices:
The increased demand kept pulling up the limited supply of houses, meaning that the number of houses available in the market may exert even a even bigger pressure on the rising prices of properties. This might even raise challenges for potential buyer since they may not be able to buy a house in those areas.
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2. New Construction:
Some of the benefits that developers may still consider in the PP is getting a chance to boost the number of new homes to be built to supply a housing deficit. This could help to reduce the current inflation pressures and possibly enhance consumer cost within the future.
3. Government Intervention:
In particular, the availability of housing stock can still be likely become a problem that requires government interference as the market for properties is intensifying year by year.
Conclusion
The increase in the rate of existing home sales in the USA is as an indication of a healthy housing market due to aspects like high demand, low-interest rate and housing scarcity. Thus, on the one hand, the growth in sales is indeed positive for the economy, on the other hand, it has one disadvantage; affordability is a big issue; there is also the question of housing availability. Thus, it will be pertinent for policy makers in the future to pursue measures towards a sustainable growth in the market as well bringing housing deficit in the country. Click here for the source
