The number of unadjusted initial claims rose to 1.15 million, the highest level since the end of July. It is an increase of 231,335 from the prior week, as the re-closing of some businesses in some states is contributing to more layoffs.
As expected, mortgage rates rose this week, following the trend of the 10-year Treasury yield in the last couple of weeks.
The median existing-home price rose to $310,800 in November; 15% more than a year earlier; 41% more than five years earlier.
Affordability declined in October compared to September as the median family income rose by 3.3% while the median home prices grew by 16.0%.
On December 10th, 2020, NAR held a virtual economic and real estate summit that provided a year-end review and outlook on the post-election real estate market and the economy.
