December 22, 2016

Homes sales at highest level since 2007

Washington Examiner - Existing home sales edged up to a 5.61 million annual pace in November, the National Association of Realtors reported, beating forecasters' expectations and providing a bright sign for the economy.Sales of homes were up three months in a row to the highest level since February 2007, according to the trade group.

Despite some fears about the weakness of the housing market over the late summer and fall, the housing market appears to be heating up to end the year, said Lawrence Yun, chief economist for the group. "The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates [rise] from their historically low level have combined to drive sales higher in recent months," he said.

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