Existing home sales at best pace since June

Existing home sales were up again in November, hitting their highest level since the expiration of the tax credit in June. At an annual pace of 4.68 million, sales were up 5.6 percent from October's 4.43 million, according to the National Association of Realtors.

December 22, 2010
existing home sales

Existing home sales were up again in November, hitting their highest level since the expiration of the tax credit in June.

At an annual pace of 4.68 million sales were up 5.6 percent from October's 4.43 million, according to the National Association of Realtors. Sales were down from last November's 6.49 million when sales were probably artificially inflated by the original expiration of the new home buyer tax credit.

The national media price of homes sold in November was $170,600, with 33 percent of sales being distressed sales (foreclosures or short sales.) On average, foreclosures sold at a discount of 15 percent and short sales 10 percent, according to NAR.

Total housing inventory also fell in November -- which is typical of this time of year -- to 3.71 million existing homes. That's a 9.5-month supply at the current sales pace.

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