Existing Home Sales Rose 0.7% in November

Washington, DC, December 21, 2016—Total existing-home sales rose 0.7% to a seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October, according to the National Association of Realtors.

November's sales pace is now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million).

Lawrence Yun, NAR chief economist, says it's been an outstanding three-month stretch for the housing market as 2016 nears the finish line. "The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," he said. "Furthermore, it's no coincidence that home shoppers in the Northeast—where price growth has been tame all year—had the most success last month."

The median existing-home price for all housing types in November was $234,900, up 6.8% from November 2015 ($220,000). November's price increase marks the 57th consecutive month of year-over-year gains.

Total housing inventory at the end of November dropped 8.0% to 1.85 million existing homes available for sale, and is now 9.3% lower than a year ago (2.04 million) and has fallen year-over-year for 18 straight months. Unsold inventory is at a 4.0-month supply at the current sales pace, which is down from 4.3 months in October.