Steel Markets
December 21, 2017
Sales of Existing Homes Surge
Written by Sandy Williams
Existing home sales surged for a third month in November, increasing at their strongest pace in almost 11 years, reports the National Association of Realtors. Sales jumped 5.6 percent sequentially to a seasonally adjusted annual rate of 5.81 million and were 3.8 percent higher year-over-year. The median home price for all types of existing housing was $248,000, an increase of 5.8 percent from November 2016.
Single-family home sales increased 4.5 percent last month, while existing condo and co-op sales grew 14.3 percent. The median price for a single-family home was $248,000 and for condos $242,500. Prices were up 5.4 percent and 8.8 percent year-over-year, respectively.
