Sales of previously owned homes rose nearly 5 percent in November, according to new numbers from the National Association of Realtors. The month-over-month improvement pushed home sales 6.1 percent higher than they were last year at the same time and matched the fastest sales pace since March. Lawrence Yun, NAR’s chief economist, says momentum is building. “Home sales momentum is building,” Yun said. “Existing homeowners are capitalizing on the collective $15 trillion rise in housing equity over the past four years to look for homes better suited to their changing life circumstances.” Home shoppers are also benefiting from an increasing number of homes for sale. Available inventory is now up 17.7 percent from last year, which helps keep home prices in check. Inventory gains are keeping homes on the market longer too. In November, properties typically remained on the market for 32 days, up from 25 days last year. (source)
