Investors should read into real estate as recently released numbers mark a mixed picture of the housing market.
The National Association of Realtors quietly released its November existing home sales report ahead of the Fed raising interest rates.
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The agency reported that existing home sales -- completed transactions for single-family homes, town homes, condominiums and co-ops - increased 1.9% in November to a seasonally adjusted annual rate of 5.32 million. The November reading was above expectations of an decrease to a 5.2 million unit adjusted sales rate, but are down 7.0% from the same time last year.
The year over year drop off is the largest in seven and a half years, led largely by weakness in West coast markets.
"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 said. "Rising inventory is clearly taming home price appreciation."
The results, which include a high degree of first time home buying, have implications for the Federal Reserve this afternoon and for home-buyers moving forward.
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