Home sales south of the border increased in number more than expected in November, hitting their highest level in nearly 11 years, the latest indication that housing in the U.S. was regaining momentum after almost stalling this year.
Figures released Wednesday by the National Association of Realtors revealed that existing home sales surged 5.6% to a seasonally-adjusted annual rate of 5.81 million units last month amid continued recovery in areas in the South ravaged by Hurricanes Harvey and Irma. That was the highest level since December 2006 and followed an upwardly revised 5.50-million-unit pace in October.
Economists had forecast home sales rising 0.9% to a 5.52-million-unit rate in November from a previously reported 5.48-million-unit pace in October.
Existing home sales make up about 90% of U.S. home sales. They rose 3.8% on a year-on-year basis in November.
