Existing Home Sales Reach Highest Annual Pace in 11 years

Some Highlights:

·        Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.

·        The inventory of existing homes for sale has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply.

·        NAR’s Chief Economist Lawrence Yun had this to say: “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.”