The National Association of Realtors announced today that existing home sales in November were 0.4 percent higher than in October. The report also showed that the inventory of unsold homes decreased 3.6 percent during the month.
Quicken Loans Chief Economist Bob Walters said the increase was somewhat unexpected as consumers are typically more focused on the holidays in November than they are on buying homes.
"It is good news, if not a bit surprising, to see existing home sales climb in November, especially considering that most people are more interested in preparing for the holidays than they are in looking for the perfect home. However, buyers were likely pulled into the market by attractive long-term interest rates at two-year lows, including those on jumbo loans, and the sheer number of favorably priced homes available on the market."
-- Published on Dec 31, 2007 in Here
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