**MNI: 5 Things We Learned From The Existing Home Sales Data

By Kevin Kastner, Sara Haire, and Holly Stokes

     WASHINGTON (MNI) - The following are the key points from the November

existing home sales data released Wednesday by the National Association of

Realtors:

     - November existing home sales +5.6% to 5.81M vs 5.51M expected, and

strongest since December 2006. October was revised up to 5.50M. 

     - November home supply -7.2% to 1.67m, and -9.7% year/year, allowing the

months supply to decline to 3.4 months from 3.9 months in October and 4.0 months

a year ago. This is the second lowest inventory level and lowest months supply

since 1999, the series start.

     - National median sales price +5.8% y/y to $248,000 in November. NAR's

Chief Economist Lawrence Yun noted that home price appreciation is well above

wage growth, due to inventory shortage.

     - November resales in Northeast +6.7%, Midwest +8.4%, South +8.3%, and West

-2.3%.

     - NAR's Chief Economist Lawrence Yun said vast majority of homeowners and

buyers would qualify for mortgage and property tax deductions in new tax bill.

--MNI Washington Bureau; +1 202-371-2121; email: holly.stokes@marketnews.com

[TOPICS: MAUDR$,MAUDS$,M$U$$$]