Monday, December 31, 2007

Existing Home Sales Rise

- Existing Home Sales for November rose to 5.00M versus estimates of 4.97M and an upwardly revised 4.98M in October.

BOTTOM LINE: Sales of existing homes in the US unexpectedly rose in November, Bloomberg reported. The median home price fell 3.3% from year ago levels to $210,200. The number of homes for sale fell 3.6% to 4.27 million. At the current sales pace, that represents 10.3 months’ supply versus 10.7 months worth in October. The increase in purchases was led by a 10% rise in the West. Sales were unch. in the Midwest. Sales fell 3.3% in the Northeast and 2% in the South. I expect existing home sales to bounce further next month.

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