Existing home sales, median price edged up in November

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.