Home Sales Rise to Fastest Pace in Three Years:
Home resales rose sharply in November to their fastest pace in
three years, which is yet another sign the housing market is gaining
steam.
The National Association of Realtors said on Thursday that
existing home sales climbed 5.9 percent last month to a seasonally adjusted
annual rate of 5.04 million units. That was the fastest increase since November 2009,
when a federal tax credit for home buyers was due to expire. Sales were well
above the median forecast of a 4.87 million-unit rate.
Nationwide, the median price for a home resale was $180,600 in November, up 10.1 percent
from a year earlier as fewer people sold their homes under distressed
conditions compared to the same period in 2011. Distressed sales include
foreclosures.
The nation's inventory of existing homes for sale fell 3.8 percent during the month to
2.03 million, the lowest level since December 2001. At the
current pace of sales, inventories would be exhausted in 4.8 months, the lowest
rate since September 2005. Distressed sales fell to 22 percent of total sales
from 29 percent a year ago.
So, to recap: More people are buying homes and are paying higher prices than they did a year ago. Plus, there are fewer distressed sales and the inventory of homes available for sale is at the lowest level in 10 years. This all adds up to a great housing market.
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