Existing-Home Sales Rise in November

Just before the end of the year, existing-home sales in the U.S. increased. In November, existing-home sales in the U.S. increased by 4.8% from October to an annual rate of 4.15 million. On a year-over-year basis, existing-home sales were up 6.1%, according to the National Association of Realtors. This comes as housing inventory continues to grow. Housing inventory at the end of November totaled 1.33 million units. Despite its 2.9% month-over-month decrease, inventory grew by 17.7% from a year earlier. 

"Home sales momentum is building," said NAR Chief Economist Lawrence Yun. "More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%." Read more