Sales of previously owned homes increased in November for the third consecutive month, according to new numbers from the National Association of Realtors. Month-over-month sales were up in the Northeast and South, flat in the West, and down in the Midwest for an overall 0.5 percent gain from October’s level. Lawrence Yun, NAR’s chief economist, says the improvement was largely due to lower mortgage rates. “Existing-home sales increased for the third-straight month due to lower mortgage rates this autumn,” Yun said. “However, inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.” In November, the number of homes available for sale remained 7.5 percent higher than last year at the same time but was down nearly 6 percent from October. Also in the report, the median single-family home price was $414,300 – 1.2 percent higher than last year. (source)
