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Existing Home Sales Surged in November
Existing home sales continued their strong recent trend in November, gaining 5.9% from the previous month to reach an annualized pace of 5.0 million units. November’s pace is 14.5% above the pace seen one year ago, this is the strongest growth in over three years. Although Hurricane Sandy caused disruptions in affected areas, gains elsewhere more than offset the weakness.
Although Hurricane Sandy caused disruptions in the Northeast, the region was resilient, seeing a 6.9% increase in home sales. The Midwest and South both saw strong gains in November as well, increasing 7.2% and 7.9% respectively. The West continues to lag the recovery, improving just 0.5% in November.
Distressed sales accounted for just 22% of sales in November, down from 24% the previous month and 29% one year ago. As a result of the falling share of distressed homes, median prices rose, reaching $180,600 in November, a 2.0% improvement month-over-month and 10.1% above year-ago levels.
The supply of existing homes on the market continues to tighten from historically low levels. Supply fell for the fifth consecutive month, reaching 4.8 months in November, its lowest level in over seven years. Supply of existing homes on the market is now 32% below year-ago levels.
Read the NAR report.
Existing Home Sales Surged in November
Although Hurricane Sandy caused disruptions in the Northeast, the region was resilient, seeing a 6.9% increase in home sales. The Midwest and South both saw strong gains in November as well, increasing 7.2% and 7.9% respectively. The West continues to lag the recovery, improving just 0.5% in November.
Distressed sales accounted for just 22% of sales in November, down from 24% the previous month and 29% one year ago. As a result of the falling share of distressed homes, median prices rose, reaching $180,600 in November, a 2.0% improvement month-over-month and 10.1% above year-ago levels.
The supply of existing homes on the market continues to tighten from historically low levels. Supply fell for the fifth consecutive month, reaching 4.8 months in November, its lowest level in over seven years. Supply of existing homes on the market is now 32% below year-ago levels.
Read the NAR report.