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Existing Home Sales Hit Post-Crisis High: Beat the Hike Mentality?

• by MishMoments

The Wall Street Journal reports U.S. Existing-Home Sales Rose in November to New Postcrisis High.

Sales of previously owned homes, which account for the vast majority of U.S. purchases, rose 0.7% from October to a seasonally adjusted annual rate of 5.61 million last month, the National Association of Realtors said Wednesday. That was the strongest monthly reading since February 2007.

Prices continued to rise in November as inventory continued to fall. "Inventory is short and still shrinking," said Lawrence Yun, the trade group's chief economist.

First-time home buyers represented 32% of November sales. Some 21% of sales last month were all-cash deals. Distressed sales–foreclosures and short sales–accounted for 6% of last month's purchases, the Realtors group said.

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