Existing Home Sales Near 11-Year High
According to the National Association of Realtors (NAR), sales of existing homes increased 5.6%, the strongest pace in over a decade, in November.
All major regions, other than the West, saw significant increases in sales activity in November. Total existing-home sales, defined as completed transactions that include single-family homes, townhomes, condominiums, and co-ops, increased 5.6% to a seasonally adjusted annual rate of 5.81 million in November, an increase from October’s upward-revised 5.50 million homes.
Current sales are 3.8% higher than last year, after November’s increase, and are increasing at the strongest pace since December 2006, when 6.42 million home sales were registered.
NAR’s chief economist, Lawrence Yun, stated, “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.”
The median existing-home price in November was $248,000, up 5.8% from $234,400 in November 2016. The price increase in November signals the 69th consecutive month of year-over-year price increases.
Total existing homes for sales (housing inventory) decreased 7.2% to 1.67 million, which is now 9.7% lower than the year-ago level of 1.85 million.
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