Existing-home sales rose 0.7% to a seasonally adjusted annual rate of 5.61 million in November, according to the National Association of Realtors (NAR). November’s sales pace was the highest since February 2007 (5.79 million). A large increase in home sales in the Northeast and a smaller gain in the South helped push total sales up for the third consecutive month.
The total housing inventory fell 8.0% to 1.85 million homes available for sale, while the median existing home price stood at $234,900, a 6.8% increase from November 2015.
Distressed sales moved up to 6% of the total in November, but down from 9% a year ago. Four percent of sales were foreclosures and 2% were short sales. On average, foreclosures and short sales sold for discounts of 17% and 16%, respectively.
Read the NAR release.
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