November home sales hit 3 year high

The National Association of Realtors  reported November existing home sales reached an annual rate or 5.04 million, up from 4.76 million in October. This was a 5.9% increase and the best showing in 3 years. Year to date, sales are up 14.5% from a year ago, and closing in on an annual rate of 5.5 million where a healthy market exists. Prices are inching up as inventories remain low creating more price competition among buyers, and inviting multiple offers in many cases.