Housing Ends the Year Strong
Overview: As usual, trading volume was considerably reduced during the last couple of weeks of the year. The market reaction to the economic news was minor, and mortgage rates remained near-record-low levels.
The remarkable rebound in the housing market has continued. In November, existing-home sales, which account for roughly 90% of the market, were 26% higher than a year ago and near the best levels since 2006. The median existing-home price was 15% higher than a year ago, also close to record levels. The one drawback was that inventory levels were down 22% from a year ago. The number of homes for sale w...