RISMEDIA, December 28, 2006-Existing-home sales continued to recover last month following a rise in October, with the level of sales activity suggesting a turn in the market, according to the National Association of Realtors®.
Total existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 0.6% to a seasonally adjusted annual rate of 6.28 million units in November from a level of 6.24 million in October, but were 10.7% below the 7.03 million-unit pace in November 2005.
David Lereah, NAR's chief economist, said modest gains are expected for home sales. "As the housing market recovers from its correction, existing-home sales should be rising gradually during 2007 - it looks like we may have reached the low point for the current cycle in September," he said. "We've entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down." continued...
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