Existing home sales-including include single-family homes, townhomes, condominiums and co-ops-surged 4.0 percent in November to a seasonally adjusted annual rate of 4.42 million from 4.25 million in October, and were 12.2 percent above the 3.94 million-unit pace in November 2010, according to the National Association of Realtors.
Single-family home sales rose 4.5 percent to a seasonally adjusted annual rate of 3.95 million in November from 3.78 million in October, and were 12.9 percent above the 3.50 million-unit level in November 2010. The median existing single-family home price was $164,100 in November, down 4.0 percent from a year ago.
Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010, the NAR noted.
"A genuine sustained sales recovery appears to be developing," said Lawrence Yun, NAR chief economist. "We've seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today's market for buyers with long-term plans."
NAR President Moe Veissi said housing affordability conditions are at a record high. "With record low mortgage interest rates and bargain home prices, NAR's housing affordability index shows that a median-income family can easily afford a median-priced home," he said.
On Thursday, the NAR released benchmark revisions to historic existing-home sales. The 2010 benchmark shows there were 4.2 million existing-home sales last year, a 14.6 percent downward revision from the previously projected 4.9 million sales, proving the housing market recession was worse than previously thought. From 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent.
