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U.S. existing-home sales climb to highest level in nearly a decade – December 2016

Sales of previously owned U.S. homes unexpectedly increased in November to the strongest level since early 2007, ahead of a jump in borrowing costs, National Association of Realtors data showed on Wednesday, Dec. 21.  Contract closings rose 0.7% to a 5.61 million annual rate (the forecast was 5.5 million), the fastest pace since February 2007. Sales increased 18.2% before seasonal adjustment from November 2015, when changes in mortgage regulations delayed closings. Median sales price climbed 6.8% from November 2015 to $234,900. Inventory of available properties dropped 9.3% from November 2015 to 1.85 million, marking the 18th consecutive year-over-year decline…Read the full article