Existing home sales rose 5.9 percent in November, continuing an uptrend as low inventory supply lifts home prices, according to the National Association of Realtors (NAR).
Completed transactions of single-family homes, townhomes, and condominiums and co-ops jumped to a seasonally adjusted annual rate of 5.04 million in November from a downwardly revised 4.76 million in October, and are 14.5 higher than the 4.04 million-unit pace in November 2011.
Sales are at the highest level since November 2009 when the annual pace spiked at 5.44 million.
The national median existing-home price for all housing types was $180,600 in November, up 10.1 percent from November 2011, and the ninth consecutive monthly year-over-year gain. The last time that happened was from September 2005 to May 2006.
Total housing inventory at the end of November fell 3.8 percent to 2.03 million existing homes for sale, which represents a 4.8-month supply at the current sales pace; it was 5.3 months in October, and is the lowest housing supply since September 2006 when it was 4.6 months.