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US existing-home sales up 5.6% in November, strongest gain in almost 11 years

Existing-home sales in the U.S. increased at the strongest pace since December 2006, rising 5.6% to a seasonally adjusted annual rate of 5.81 million in November from an upwardly revised 5.50 million in October, the National Association of Realtors said.

Sales were 3.8% higher than a year earlier, according to NAR. The median existing-home price stood at $248,000 in November, up 5.8% year over year.

Total housing inventory dropped 7.2% to 1.67 million homes available for sale at the end of November and declined 9.7% compared with November 2016. Unsold inventory is at a 3.4-month supply at the current pace of sales, down from 4.0 months a year earlier.

"Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand," said NAR chief economist Lawrence Yun. "As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month."