Home Sales Rise to 11-Year High

From USA Today:

Americans purchased homes at the fastest pace in nearly 11 years, as sales climbed 5.6% in November.

The National Association of Realtors said Wednesday that sales of existing homes rose last month to a seasonally adjusted annual rate of 5.81 million units. Home sales were last this strong in December 2006, when properties sold at an annual pace of 6.42 million.

The strong demand for buying homes is a sign of an increasingly vibrant economy after a steady, eight-year expansion. The unemployment rate has fallen to a 17-year low, while more people in the younger millennial generation appear to be forming their own households and looking for places to buy. Yet the demand has done little to resolve an increasing vulnerability of the U.S. real estate market as the number of listings has been declining on a yearly basis for two-and-a-half years.

In November, there were 1.67 million properties for sale, a 9.7% decline from a year ago. There is only 3.4 months’ supply of homes on the market, the lowest level ever tracked by the Realtors.

Posted by on December 20th, 2017 at 2:37 pm


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