Home sales, prices jump in November |
| CNNMoney - Dec 20, 2012 |
Superstorm Sandy did not derail the housing market's momentum in November, when both sales and prices of homes rose.
Sales of existing homes rose 5.9 % to an annual pace of 5.04 million, according to a report from the National Association of Realtors (NAR), an industry group.
It was the highest level since November 2009, when home buying tax credits were in effect, and sales spiked to 5.44 million.
November sales far exceeded industry expectations -- they were higher compared to 4.76 million in October, and 4.39 million in November 2011. A panel of industry experts surveyed by Briefing.com had forecast November sales to come in at 4.9 million.
The NAR also reported a 10.6% increase in the median price of homes in November to $180,600, compared to last year.
Sales jumped 6.9% from October in the Northeast region, the area most affected by the storm. The Midwest fared better, up 7.2%, and the South topped both with a 7.9% increase. Sales in the West eked a slight gain of 0.8%.
Read Full Article from CNNMoney
- Posted: 2012-12-20 11:56:19
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