Affluent American baby boomers pushed the rate of existing-home sales up in November by 1.1 percent from October levels, the National Association of Realtors said.
The industry group said homes were being resold at a seasonally adjusted annual rate of 3.71 million units last month, a strong 10.1 percent higher rate than in November 1987."We're seeing more people buying in markets nationwide than we had expected earlier this year," said association president Ira Gribin. "The volume of people in their thirties and forties who can afford to buy is keeping the sales pace up."
The national median price for an existing single-family home in November was $87,900, down marginally from October's $88,100 but up 3.4 percent from November a year ago.
The association said more than 50 percent of the homes sold in November cost less than $100,000, while less than 8 percent cost more than $250,000.
Regionally, the best rate of resale increase was in the Northeastern states, where sales rose in November by 4.6 percent from a month earlier to a seasonally adjusted annual rate of 680,000.
In the Midwest, sales were up 4.3 percent from October rates to an annual pace of 960,000.