Existing home sales rose 0.7% to a seasonally adjusted 5.61 million-unit rate in November from a downwardly revised 5.57 million sales pace the previous month, the National Association of Realtors announced Wednesday.
The November rate represents a 15.4% increase from the same month a year ago, and exceeded of the median 5.50 million unit pace predicted by economists polled by Thomson Reuters.
November's pace is the highest since a 5.79 million level in February 2007.
"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," said NAR chief economist Lawrence Yun. "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."
Sales in the regions were mixed in November. They were up 8.0% in the Northeast and 1.4% in the South, while declining 2.2% in the Midwest and 1.6% in the West.
The median sales price was $234,900 in November, a 6.8% increase from a year ago.
Inventory levels fell 8.0% from the previous month to 1.85 million existing homes, representing a 4.0-month supply at the current pace. Inventory was down 9.3% from the November 2015 level.
