Existing Home Sales Up in November

Total housing inventory at the end of November fell 5.8 percent to 2.58 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from a 7.7-month supply in October.

Sales of existing homes were up in November, 12 percent from a year ago and 4 percent from October to a seasonally adjusted annual rate of 4.42 million, the National Association of Realtors reported.

At the same time, NAR issued its long-awaited downward revisions of existing-home sales numbers from 2007 to this year, adjusting them down about 14 percent.

NAR has said that, starting in 2007, the group's estimates were too high due to a faulty method of tracking sales.

The new estimates didn't affect median home prices or month-to-month or year-to-year percentage changes in home sales. Existing home inventory for sale now stands at its lowest mark since 2005.

The national median existing-home price for all housing types was $164,200 in November, down 3.5 percent from a year ago. Distressed homes - foreclosures and short sales typically sold at deep discounts - accounted for 29 percent of sales in November (19 percent were foreclosures and 10 percent were short sales), compared with 28 percent in October and 33 percent in November 2010.

Regionally, existing-home sales in the Northeast jumped 9.8 percent to an annual pace of 560,000 in November and are 7.7 percent above a year ago. The median price in the Northeast was $240,200, which is 0.1 percent below November 2010.

Existing-home sales in the Midwest rose 4.3 percent in November to a level of 960,000 and are 15.7 percent higher than November 2010. The median price in the Midwest was $133,400, down 4.0 percent from a year ago.

In the South, existing-home sales increased 2.4 percent to an annual pace of 1.74 million in November and are 12.3 percent above a year ago. The median price in the South was $143,300, which is 2.1 percent below November 2010.

Existing-home sales in the West rose 3.6 percent to an annual level of 1.16 million in November and are 11.5 percent higher than November 2010. The median price in the West was $195,300, down 8.4 percent below a year ago.

- Courtesy of HousingZone.com