November existing-home sales were at a seasonally adjusted annual rate of 5.61 million—the highest rate since February 2007, according to the National Association of Realtors.
November’s rate was 0.7 percent higher than October’s rate of 5.57 million and 15.4 percent higher than the rate of 4.86 million recorded in November 2015.
"The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," said NAR Chief Economist Lawrence Yun. "Furthermore, it's no coincidence that home shoppers in the Northeast—where price growth has been tame all year—had the most success last month."
