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News & Information: Real Estate News

National sales jump 15 percent in November

Wednesday, December 26, 2012  
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Existing-home sales continued to improve in November with low inventory supply pressuring home prices, according to the National Association of REALTORS®. Total existing-home sales are 14.5 percent higher than in November 2011 and are at the highest level since November 2009, when the annual pace spiked at 5.44 million.

Lawrence Yun , NAR chief economist, says there is healthy market demand. "Momentum continues to build in the housing market from growing jobs and a bursting out of household formation," he maintains. "With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas."

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