Home sales slowed in November to a seasonally adjusted 6.06-million units from 6.35 million units in October. November’s home sales were the fifth highest on record.
“The last five months have been the strongest on record for existing-home sales. Although sales in November were off from recent peaks, last month’s pace is a very respectable number,” said David Lerah, chief economist of the National Association of Realtors.
Lerah also said that the market is currently being driven by low interest rates, a growing job market and a rising number of households. He also said there will be a strong number of sales throughout 2004.
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