(National Sentinel) Great Again: As Republicans in the House voted for a second time in 24 hours to support theirs and President Donald J. Trump’s historic tax reform package, new market data show that sales of existing homes have risen to an 11-year high in a tight market.
As reported by Reuters, home sales had nearly stalled last month, but came roaring back in December on news that tax cuts were looking more doable and amid another historic rise in U.S. stocks.
“The National Association of Realtors said on Wednesday that existing home sales surged 5.6 percent to a seasonally adjusted annual rate of 5.81 million units last month amid continued recovery in areas in the South ravaged by Hurricanes Harvey and Irma. That was the highest level since December 2006 and followed an upwardly revised 5.50 million-unit pace in October,” Reuters reported.
Economists polled by the newswire service predicted a rise of just 0.9 percent in home sales.
Home sales in the south account for nearly half of all sales, and there, purchases were up by 8.3 percent last month.
Sales also jumped 6.7 percent in the Northeast and 8.4 percent in the Midwest, while falling 2.3 percent in the West, which is experiencing a sharp increase in housing prices.
With supply still tight, the median house price increased 5.8 percent from a year ago to $248,000 in November. That was the 69th consecutive month of year-on-year price gains.
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