In spite of the steady increases in mortgage interest rates over the past several weeks, national existing-home sales showed an uptick in November. The National Association of Realtors (NAR) said that compared to October, existing-home sales rose by 0.7% on a seasonally adjusted annual rate. On a year-over-year basis, existing-home sales were 15.4% higher. The NAR pointed out that existing-home sales were at their fastest pace since February 2007.
Regionally, the Northeast contributed largely to the increase in existing-home sales in November. The South region also helped with the increase with their small gain in sales. For the 3rd-consecutive month, these regions have helped to push the national existing-home sales rate upward. In the West region, existing-home sales declined by 1.6% on a month-over-month basis, but they were 19% greater than the same time last year.
NAR Chief Economist Lawrence Yun said the last three months have been outstanding for existing-home sales. Although inventory remained tight in November, Yun said that the combination of a healthy job market “and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level” was the reason why existing-home sales grew. Read more at http://bit.ly/2hMeVhQ.