The National Association of Realtors are reporting that total existing sales home sales in November rose 0.7% to a seasonally adjusted annual rate of 5.61 million. November’s sales pace is 15.4% higher than a year ago and the highest since February 2007. November’s median existing-home price for all housing types was $234,900, up 6.8% from one year ago – marking the 57th consecutive month of year-over-year gains. Total housing inventory was down 8.0% to 1.85 million existing homes available for sale (9.3% lower than a year ago). And, at the current sales pace there is a 4 month supply of unsold homes.
“Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017…Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full release at the National Association of Realtors.
