Existing home sales shot up in November.

Sales rose nearly 5% month-over-month in the U.S. last month, according to data released on Thursday by the National Association of Realtors (NAR). It was the largest monthly gain in 6 months. Sales were also up 6% compared to last year. 

"Home sales momentum is building," said NAR Chief Economist Lawrence Yun. "More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%."

While sales rose in the last two months, 2024 is still on track to see the lowest volume of home sales since 1995.