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Economy in Brief

U.S. Existing Home Sales Up To Record High
by Tom Moeller December 29, 2004

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).

Existing Home Sales (000, AR) Nov Oct Y/Y 2003 2002 2001
Existing Single-Family  6,940  6,760 13.2% 6,098 5,593 5,290
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