The housing market accelerated for the fourth consecutive month in November, with a widely followed indicator of pending home sales from the National Association of Realtors gaining 2.2 percent over October.

Contracts to buy U.S. previously owned homes rose more than expected in November, notching a fourth straight month of gains as buyers focused on taking advantage of improved inventory despite stubbornly high mortgage rates.

The National Association of Realtors said pending homes sales in the U.S. grew for the fourth straight month to return to the highest level since early 2023.

Many properties are "stale inventory," said Redfin economist Sheharyar Bokhari, meaning they've been listed for at least 60 days.

“Inching up to just shy of 7%, mortgage rates reached their highest point in nearly six months,” said Sam Khater, Freddie Mac’s chief economist. “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.”

November was the fourth consecutive month that pending home sales increased, this time by 2.2%. This comes after a 24-month period during which the mortgage rates averaged above 6% and last month’s median home price was $406,