The National Association of Realtors reports that sales of existing homes in November reached their highest level since the good old days of February 2007.
Sales jumped 7.4% to a seasonally-adjusted rate of 6.5 million units. An increase of 3.3% has been forecast. Sales are 44% higher than they were a year ago when credit markets were frozen. First-time home-buyers made up 51% of all sales activity last month, fueled by the 8% tax credit.
Prices remained soft, however the activity has reduced inventory levels nationally by more than 15% to a 6.5 month supply. In the West, sales are up 10.6% from October and up 28% for the year.
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