U.S. Existing Home Sales Rise Slightly
Sales of existing homes in the U.S. rose 0.4 percent in November compared to October, USA Today reported January 4, 2008.
The National Association of REALTORS® released the data, which also showed that existing home sales have dropped about 20 percent over the last 12 months.
"The median price of a home sold last month was $210,200. That marked a 3.3% drop from a year ago. It was the fifth biggest annual decline on record. The median price is where half sell for more and half sell for less."
Existing home sales rose 10.3 percent in the West. Sales were flat in the Midwest; however, sales fell 2 percent in the South and 3.3 percent in the Northeast.
The inventory of unsold homes fell 3.6 percent in November to 4.27 million homes. At the current sales pace it would take 10.3 months to exhaust that inventory.
Sellers will have to consider the amount of inventory in their location when determining what price to list their homes. High inventory will keep the pressure on prices.
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