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Big Gain for Existing-Home Sales

Existing-home sales rose 7.4% to a seasonally adjusted annual rate of 6.54 million units for November, according to a report released today by the National Association of Realtors (NAR).  The figure is 44.1% higher than the 4.54 million-unit pace from November last year and shows existing-home sales are at the highest level since February 2007 when they hit 6.55 million. Regionally, existing-home sales in the Northeast rose 6.6% in November to an annual level of 1.13 million, up 52.7% from last year. Sales in the Midwest rose 8.4% to 1.55 million, up 53.5% from last year. In the South, sales rose 4.8% to 2.39 million, up 44.8 % from last year, and the West saw sales up 10.6% to 1.46 million, up 4.1% from November 2008.  12/22 HCN