Existing home sales and home prices continued to show gains based on data collected by the National Association of Realtors (NAR) and the Federal Housing Finance Agency (FHFA). The NAR’s measurement of November 2012 existing home sales attained their highest level since November 2009, reaching 5.04 million units, and were 5.9% greater than October 2012. In a year-over-year comparison, existing home sales were 14.5% greater than November 2011. Meanwhile, the FHFA’s Home Price Index indicated a 0.5% increase in home prices in October 2012 over September 2012, and were 5.6% higher than in October 2011.
In the western states, the NAR reported that existing home sales only increased by 0.8% in November in comparison to October and attributed the small increase in sales to inventory constraints. From September to October, though, the FHFA’s home price index report reflected a 2% increase in the Pacific region and 13.1% increase in the Mountain region. http://bit.ly/12CUlQG