·
Sales of existing
single family homes rose 2.7% in November to 6.94M, the highest level on
record. Consensus expectations had been for sales of 6.75M.
· The figures reflect closings of home sales in earlier months.
· The rise was driven by a 6.5% (16.6% y/y) jump in sales in the West to a new record for the region. Sales in the South rose for the second month, also to a record high (+15.5% y/y). In the Midwest sales rose just slightly m/m (+9.4% y/y)) but in the Northeast sales fell moderately for the second month (+4.2% y/y).
· The median price of an existing home single family home rose 1.5% to $188,200 (+10.4% y/y).