The National Association of Realtors is reporting that existing homes sales surged 5.6% in November to a seasonally adjusted annual rate of 5.81 million units. The median existing-home price for all housing types in November was $248k, up 5.8% from November 2016 ($234,400) and marks the 69th straight month of year-over-year gains. Total housing inventory at the end of November dropped 7.2% to 1.67 million existing homes available for sale (9.7% lower than one year ago) and represents a 3.4-month supply unsold inventory.
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