Americans bought homes at the fourth-slowest pace for a November in a 21-year history, despite the lowest mortgage rates in three years. Nationally, 269,665 residences were sold in November. That’s existing homes and newly built properties – both houses and condos, according to Attom data dating to 2005. This broad tally of sales is off 13% over 12 months and 18% below average. It’s no short-run slip. Sales over the past three years averaged 340,913 per month, 8% below the pace of the previous 18 years. Contemplate the economic swings behind the sales collapse. Mortgage rates averaged 6.3% in the three months ended in November, according to Freddie Mac. That’s down from 6.5% a year earlier and the recent peak of 7.4% in November 2022, when the national economy was overheated. Previously, rates tumbled to 2.73% in January 2021 when coronavirus darkened economic prospects. In an affordability-challenged nation, why didn’t the year-end rate dip boost sales? Well, cheaper financing can be tied to a wobbly business climate. Economic uncertainty is not good for homebuying. The price is wrong Plus, nationwide pricing remains stubbornly high. The $365,000 median sales price for November was up 2.8% in a year and sits just 1% below the $370,000 peak set in June 2025. The good news for house hunters is that appreciation has cooled. Prices are up 14% during the past three years vs. 36% in 2019-2022. Payment pain Who’s got $1,804 a month to buy a home? That’s an estimated mortgage payment an American buyer would get at November’s median price – even with the cheapest rates since 2022. Yes, the U.S. buying burden is 7% below its peak in June 2024. However, payments are also up 108% in six years. This math does not include other recurring ownership costs, such as property taxes, insurance, maintenance, or association fees. Also, keep in mind the $73,000 down payment needed to make this deal work. Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected] Related Articles California homebuying drops to 2nd-lowest level in 21 years America’s next Golden Age moves from theory to tool with AI Upton Sinclair’s former Monrovia house lists for under $2M Too much? 17% of California homes are owned by investors HOA Homefront: Staying in your lane with team roles and boundaries Related Articles Southern California homebuying dips to 2nd-slowest pace in 21 years Are ‘hot’ California housing markets a good thing? California homebuying runs 22% below average Southern California house hunters continue to balk at high prices California home prices won’t crash or soar in 2026, Zillow says ...read more read less