Sales in the Northeast rose 6.7 percent and jumped 8.4 percent in the Midwest. November was the strongest month on record since December 2006.
Sales rose 11.46 percent in November over the same month a year ago, with Realtors selling 1,576 homes last month, according to Maine Listings, a statewide multiple listing service and a subsidiary of the Maine Association of Realtors.
"Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end", said Lawrence Yun, NAR chief economist.
The number of previously owned homes on the market dropped 7.2 percent to 1.67 million units in November. The median price nationwide was up 5.4 percent to $248,800. The year-to-date (Jan. 1 - Nov. 30) sales total of 122,238 was 2.5-percent above the same period last year.The November 2017 statewide median sales price was $254,000, an increase of 5.8 percent from the November 2016 median of $240,000.
"The fundamentals remain favorable, with mortgage rates still low and the labor market very strong". The supply shortage is, in turn, driving prices higher, Mr. Yun said.More news: Israeli Forces Detain Palestinian Mother Hours After Arresting Teenage Daughter
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Builder confidence in the market for new homes increased five points to 74 in December, the highest report since July 1999, the National Association of Home Builders said Tuesday.
"The elevated presence of investors paying in cash continues to add a layer of frustration to the supply and affordability headwinds aspiring first-time buyers are experiencing", Yun said in a statement.
All-cash sales were 22 percent of transactions in November, which is up from 20 percent in October and 21 percent a year ago.
Sales on existing homes reached an 11-year high in November, jumping 5.6 percent over the month. The number of homes for sale stood at 63,916 in November, a decrease of 9 percent compared to November 2016.Additional data is available at http://www.nysar.com/industry-resources/market-dataEditor's Note: All data is compiled from multiple listing services in the state of NY and the data include townhomes, condominiums and existing single-family homes.
At the current sales pace, inventories represented a supply of 3.6 months, down from four months a year ago. They, however, fell 2.3 percent in the West, which has seen a strong increase in house prices.