November’s Existing Home Sales report showed sales are at an annual pace of 5.61 million which is “now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million).”
Total inventory of homes for sale fell 8.0% from last month and is now 9.3% lower than November 2015.
Housing inventory has dropped year-over-year for the last 18 months.
The median price for all home sales in November was $234,900, up 6.8% from last year. This marks the 57th consecutive month of year-over-year gains.