Having ticked up 2.0 percent in October, the overall pace of existing-home sales in the U.S. jumped 5.6 percent in November to a seasonally adjusted annual rate of 5.81 million transactions which was 3.8 percent higher on a year-over-year basis and the strongest pace since December 2006 (no, not 2016).

And having inched up 0.8 percent in October, the median price of the homes that traded hands last month inched up another 0.4 percent to $248,000, which is 5.8 percent higher than at the same time last year, while the inventory of existing homes on the market dropped 7.2 percent to 1.67 million, which is 9.7 percent lower on a year-over-year basis (versus 10.4 percent lower the month before).

But out West, the pace of existing-home sales actually declined 2.3 percent in November to an annual rate of 1.25 million sales but remains 2.5 percent higher on a year-over-year basis while the median sale price held at $375,100 which is 8.2 percent above the mark at the same time last year.

Leave a Reply

Your email address will not be published. Required fields are marked *