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Existing-home sales improved again in the United States November 2012, according to the National Association of Realtors.
Existing-home sales were at a seasonally adjusted annual rate of 5.04 million in November 2012, up 5.9% from a downwardly revised rate of 4.76 million in October. November 2012 sales were 14.5% higher than 4.40 million in November 2011. Sales were at the highest level since November 2009, when pace spiked at 5.44 million.
Existing-home sales are completed transactions of single-family homes, townhomes, condominiums, and co-ops.
"Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," said Lawrence Yun, NAR chief economist. "With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas."
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