Economists were expecting 4.90 million homes sold on an annualized basis. October’s number was revised down to 4.76 million from 4.79 million.
“Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” said NAR chief economist Lawrence Yun. “With lower rental vacancy rates and rising rents, combined with still historically favourable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions but overall activity in the Northeast is up, offset by gains in unaffected areas.”