U.S. Existing-Home Sales edge up in November 0.4 percent.

December 31, 2007 - Forex Economic News

Existing-Home Sales in the United States showed a gain in November in data released by the National Association of Realtors on the last day before the new year. The NAR report showed that existing-home sales including single family homes, co-ops and townhouses increased 0.4 percent in November from October to a seasonally adjusted annual rate of 5 million units. October had an annual rate of 4.98 units. Chief economist of the NAR, Lawrence Yun, contends the data shows the housing market may be in a period of stablizing as he states in the report that “Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing.” The report showed that despite November's 0.4 percent gain from October, November sales from existing homes were down 20 percent compared to a year ago. More data from report showed the national median existing-home price has declined 3.3 percent from $217,300 in November 2006 to $217,300 in November 2007. See the full report.

Tags: existing home sales, NAR, US Economy, US Housing--------------- Blog index