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Sales of Existing Homes Rise to Near 11-Year Record

Mortgage professionals are being greeted by some pretty good news this morning. The year is closing but it looks like it has been a pretty excellent fourth quarter. Sales of existing homes have risen to a near 11-year record.

"Contract closings rose 5.6% month-to-month to a 5.81 million annual rate (the estimate was 5.53 million)," according to National Mortgage News.

"The median sales price increased 5.8% year-to-year to $248,000. Inventory of available properties fell 9.7% year-to-year to 1.67 million, the second-lowest in records to 1999, the NAR said."

What's even more interesting to note is that 44% of the homes that were sold in November weren't on the market for more than a month. Homes not only sold well, they sold fast.

To learn more about the growing number of sales for the fourth quarter, click on the image above.

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