Existing Sales Rise 4% in November, But Revisions Hamper Data
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Existing U.S. home sales rose in November, but less than expected.
Data from the National Association of Realtors (NAR) Wednesday showed that existing sales in November grew 4 percent from a revised 4.25 million annual rate in October, to 4.42 million. The number missed views calling for an increase to 5.03 million.
Big news, though, came from several annual revisions, averaging 14 percent over the last 4 annual periods. The following existing home sales numbers were revised: by 11 percent in 2007, 16 percent in 2008, 16 percent in 2009, and 15 percent in 2010. The rate in 2010 was cut to 4.19 million, significantly below the prior estimate of 4.91 million.
The NAR noted that there were comparable downward revisions to inventories, but median home sales prices were left largely unchanged.
U.S. markets are overall lower Wednesday, possibly as investors try to lock-in profits from yesterday's rally.
Data from the National Association of Realtors (NAR) Wednesday showed that existing sales in November grew 4 percent from a revised 4.25 million annual rate in October, to 4.42 million. The number missed views calling for an increase to 5.03 million.
Big news, though, came from several annual revisions, averaging 14 percent over the last 4 annual periods. The following existing home sales numbers were revised: by 11 percent in 2007, 16 percent in 2008, 16 percent in 2009, and 15 percent in 2010. The rate in 2010 was cut to 4.19 million, significantly below the prior estimate of 4.91 million.
The NAR noted that there were comparable downward revisions to inventories, but median home sales prices were left largely unchanged.
U.S. markets are overall lower Wednesday, possibly as investors try to lock-in profits from yesterday's rally.
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