MNI DATA ANALYSIS: US Nov Existing Home Sales +1.9% to 5.32M

By Kevin Kastner, Shikha Dave, and Harrison Clarke

     WASHINGTON (MNI) - Home resales rose 1.9% in November to an annual rate of 

5.32 million, well above expectations for a small decline to a 5.17 million

pace, data released by the National Association of Realtors reported Wednesday

showed.

     "The market conditions in November were mixed, with good signs of

stabilizing home sales compared to recent months, though down significantly from

one year ago," NAR Chief Economist Lawrence Yun told reporters.

--SUPPLY FALLS IN THE MONTH

     The number of housing units available for sale fell 5.9% in November to a

total of 1.74 million houses, lowering the months supply to 3.9 months at the

current sales pace from 4.3 months in October.

     October sales were unrevised from the originally reported 5.22 million

annual rate.

--REGIONAL DATA GENERALLY POSITIVE

     Sales rose in the Northeast, Midwest, and South regions, but declined in

the West. Yun noted that a "marked shift is occurring in the West region, with

much lower sales and very soft price growth."

--PRICES UP M/M AND Y/Y

     November's national median price of $257,700 was up 4.2% from a year

earlier, a sign that the rise in home prices continues to outpace wage growth.

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

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