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| What Slowdown? Existing-Home Sales Rise in Unusual November |
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Existing-home sales increased 0.7 percent to 5.61 million in November, reports the National Association of REALTORS® (NAR), up from 5.57 million in October—reversing the typical trend toward a slowdown at this time of year. The November numbers, up 15.4 percent from last November, mark the highest sales pace since February 2007. The upward pull, according to the report, was driven primarily by activity in the Northeast, which grew 8.0 percent to 810,000. "The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," says Lawrence Yun, NAR chief economist. ...
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