Sales of existing homes hit highest level in almost 11 years

Home Sales at 11-Year High Stateside

In the meantime, the data for October was revised up a bit, with total sales at 5.50 million.

Figures released Wednesday by the National Association of Realtors revealed that existing home sales surged 5.6% to a seasonally-adjusted annual rate of 5.81 million units last month amid continued recovery in areas in the South ravaged by Hurricanes Harvey and Irma.

Sales of previously owned US homes rose in November to the strongest pace in more than a decade, a sign of solid momentum in the housing sector as 2017 draws to a close.

The report came on the heels of data this week showing homebuilder confidence vaulting to a near 18-1/2-year high in December and single-family homebuilding and permits rising in November to levels last seen in the third quarter of 2007.

November's statewide median sales price was $254,000, up by $14,000, or 5.8 percent, compared to a year ago when the median was $240,000.

"The fundamentals remain favorable, with mortgage rates still low and the labor market very strong", Mr. Shepherdson said.

News Corp, owner of the Journal, also operates under license from the National Association of Realtors. The supply shortage is, in turn, driving prices higher, Mr. Yun said.

On tax reform, NAR President Elizabeth Mendenhall said following congressional clearance of the tax overhaul package that there is good news for homeowners can because they can count on the mortgage interest deduction and the state and local tax deduction. The number of homes for sale stood at 63,916 in November, a decrease of 9 percent compared to November 2016.Additional data is available at's Note: All data is compiled from multiple listing services in the state of NY and the data include townhomes, condominiums and existing single-family homes.

Single-family home sales grew 4.5 percent to a seasonally adjusted annual rate of 5.09 million in November from 4.87 million in October, and are now 3.2 percent above the 4.93 million pace a year ago.

Sales in the West declined 2.3 percent.

Distressed sales were 4% of the total for the fourth straight month, but down 2% from a year ago.



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