Steel Markets
December 21, 2016
Existing Home Sales at Highest Pace Since February 2007
Written by Sandy Williams
Existing-home sales surged in the Northeast pushing existing home sales to a seasonally adjusted annual rate of 5.61 million from a downward revised 5.57 million in October. The 0.7 percent increase put November’s sales pace at its highest since February 2007 and 15.4 percent higher than November 2015.
Lawrence Yun, NAR chief economist, says it’s been an outstanding three-month stretch for the housing market as 2016 nears the finish line. “The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months,” he said. “Furthermore, it’s no coincidence that home shoppers in the Northeast — where price growth has been tame all year — had the most success last month.”
