Sales of previously occupied U.S. homes rose for the third straight month in November, reflecting strong demand, low mortgage rates and intense competition for a relatively low number of properties on the market. The National Association of Realtors said Wednesday that existing homes sales rose 1.9% last month from October to a seasonally-adjusted annual rate of 6.46 million units. Sales fell 2% from November last year. The median home price rose to $353,900, a 13.9% increase from November last year. At the end of last month, the inventory of unsold homes stood at just 1.11 million homes for sale, down 13% from a year ago. At the current sales pace, that amounts to a 2.1 months’ supply, the NAR said.
Existing home sales, median price edged up in November
