Existing U.S. home sales reached the highest since February 2007

WASHINGTON – Americans bought homes in November at the fastest pace in almost a decade, despite a shortage of homes for sale.

The National Association of Realtors says that the sales of existing homes rose 0.7 percent last month to a seasonally adjusted annual rate of 5.61 million. That was a downwardly revised 5.57 million in October and the highest since sales hit a 5.79 million pace in February 2007. The turnover increased by 15 percent compared to a year earlier.

Less than 1.9 million homes on the market, a decrease of 9 percent compared to a year earlier. The tight supply pushed the median price of $234,900 in the last month from 6.8 percent compared to a year ago.

A healthy labour market has brought buyers in the market.

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