Just for the record, here's a copy. Does NAR also release new home sale figures? We got those last time from the Commerce Dept. biz.yahoo.com. What about month-over-month prices? I'd like to see if there really were declining prices, along the lines of Ild's anecdote from Orange County, and if so how widespread. This time the homebuilders were down with the rest of the market.
U.S. sales of existing homes hit record
November's sales total 6.94 million units, up 2.7%
By Rex Nutting, CBS.MarketWatch.com
Last Update: 11:00 AM ET Dec. 29, 2004
WASHINGTON (CBS.MW) -- Sales of U.S. existing homes rose 2.7 percent in November to a record seasonally adjusted annual rate of 6.94 million, the National Association of Realtors said Wednesday.
The median sales price of an existing home rose 10.4 percent on a year-over-year basis to $188,200, marking the highest price appreciation seen in 17 years. Read more.
November's sales outpaced the 6.68 million-unit pace that Wall Street economists had been anticipating. See Economic Calendar.
Meanwhile, the NAR also revised higher October's sales, from 6.75 million existing homes to 6.76 million. November sales were up 13.2 percent from November 2003.
The inventory of homes for sale rose 2.1 percent to 2.48 million, equating to a 4.3-month supply at the November sales rate.
"The figures are unbelievable," said David Lereah, chief economist for the realtors. He noted that sales in the first 11 months of the year have already broken the annual sales record.
The realtors expect another banner season in 2005, although projected sales won't be quite at 2004's pace. "Fundamentals are still excellent," Lereah said.
Once again, Lereah discounted any suggestion that housing prices are rising at an unsustainable and dangerous clip. "There is not price bubble in housing," he said. "If there's a problem, it's supply ... supply is very tight."
Sales increased in three of four regions as tracked by the NAR in November, with only the Northeast showing a slight pullback.
Median sales prices have risen the most along the coasts, with prices up 17.3 percent in the Northeast to $226,700 and prices gaining 13.3 percent in the West to $274,000. Also in the past year, prices have risen by 10.1 percent in the South to a median $170,000 and by 6.6 percent in the Midwest to $151,200.
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