November Existing-Home Sales Up 0.4%, But Down 20% From Last Year; Inventories Dip
November Existing-Home Sales rose 0.4% to a seasonally adjusted annual rate of 5.00 million units from an upwardly revised pace of 4.98 million in October.
November's existing-home sales number was 20% below the 6.25 million unit level in November 2006.
The National Association of Realtors' chief economist, Lawrence Yun said the market appears to be stabilizing.
The national median existing-home price for all housing types was $210,200 in November, down 3.3% from November of 2006.
Total housing inventory declined 3.6% at the end of November to 4.27 million existing homes available for sale. The supply of existing-homes for sale is at 10.3 months, at the current sales pace, down from the 10.7 month supply in October.
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