U.S. existing home sales jump to 11-year high

Image for representational purpose only

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops, jumped 5.6% to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.5 million level in October, according to the National Association of Realtors. The inventory was 9.7 percent lower than a year earlier and has fallen year over year for 30 consecutive months.

Existing-home sales moved higher for the third straight month in November and reached their strongest pace in nearly 11 years, while new construction of single family homes surged to a 10-year high, according to two new reports.

After reporting a sharp increase in existing home sales in the United States in the previous month, the National Association of Realtors released a report on Wednesday showing another jump in existing home sales in the month of November. A recent survey showed confidence among homebuilders soaring to near an 18 and a half-year high in December, due to optimism over buyer traffic and sales over the next six months.

"The anticipated rise in mortgage rates next year could further cut into affordability if these staggeringly low supply levels persist", Yun said.

"Price appreciation is too fast in a lot of markets right now", Yun said.

Gosselin said winter sales could be slightly slower, but the season is a good time to buy real estate because fewer homes come onto the market during the holidays.

But for those on the higher end of the home market, increases are seen in all regions of the country.

According to National Association of Realtors, sales in the south rose 8.3% in November. Strong sales expected in December should push 2017 to beat last year's sales, Greg Gosselin, president of the Maine Association of Realtors, said in a prepared statement. Those numbers are 6.8 percent higher than at this time past year.

The hottest metro areas in November were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Stockton-Lodi, Calif.

The average rate on 30-year fixed-rate US mortgages was 3.93 percent last week, slightly better than the 4.16 percent rate a year ago, according to mortgage buyer Freddie Mac.

Real estate agents across the state sold 1,576 homes in November, an increase of 11.5 percent from a year earlier, according to a report issued Wednesday by Maine Listings. October existing home sales were also revised upward by 20,000 units to 5.5 million units (SAAR).

Sales in the West declined 2.3 percent.

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