Nov existing home sales +1.9% to 5.32 mln...>

US DATA: Nov existing home sales +1.9% to 5.32 mln SAAR (-7.0% y/y), well above

expectations for a decline to 5.17 mln. This followed no revision to the 5.22m

pace in Oct.

- The fourth quarter sales pace was virtually unchanged from the third quarter

average.

- Sales were +1.9% for single-family homes and +1.7% for condos. Sales rose in

Northeast (+7.2%), Midwest (+5.5%), and South (+2.3%), but declined in the West

(-6.3%).

- The supply of homes -5.9% to 1.74m, but +4.2% y/y. The months supply fell to

3.9 months from 4.3 months in Oct, but were still up from the 3.5 months supply

a year ago. The median sales price rose slightly in Nov to $257,700, +4.2% from

a year earlier, still outpacing the pace of wage growth. 

- NAR's Yun noted there is still a shortage of homes in the mid-price point

categories. He also noted that a number of current owners are unwilling to give

up their low mortgages to trade up. He added that he would welcome a slower pace

of FOMC rate hikes.