Housing markets

Contract closings increased 0.8% from a month earlier to a 3.82 million annualized rate, according to the National Association of Realtors, and ahead of estimates of 3.78 million units.

Industry leaders share their thoughts on some of the forecasts that fizzled.

Loans for new homes are up 22% while overall purchase volume is down 20%, the Mortgage Bankers Association found.

Construction of single-family houses jumped 18% to the highest level since April 2022, while starts of multifamily projects increased 6.9%.

The report showed the gauge of prospective buyer traffic also climbed for the first time in five months, while a measure of expected sales reached a three-month high.

The upcoming election exposes the Federal Reserve to heightened criticism for its actions, said Brookings Institution senior fellow Sarah Binder.

Pending sales also increased in November as mortgage rates began to decline during the month, but cancellations reached a new record during the month.

The government is moving forward with a catalog of pre-approved home designs to reduce the cost and time it takes to build housing. The idea dates back to the 1940s when thousands of soldiers returned from the Second World War and needed a place to live.

But despite the pullbacks in home values this fall, a panel of economists anticipate they will rise over the next year.

Toll Brothers Inc. stock rose as the homebuilder's executives pointed to "solid" demand in recent weeks as mortgage rates pulled back from two-decade highs.