US existing home sales rise in November

For sale sign in America Analysts have been encouraged by the latest set of figures, in spite of the revision.

US existing home sales rose 4% to 4.42 million on an annualised basis in November, according to the National Association of Realtors (NAR).

The NAR also admitted it had over-reported the number of used homes sold in the US by 14.3% from 2007 to 2010.

It claimed around half the discrepancy was due to lower sales by property owners than previously thought.

These sales are not recorded by agents and national estimates began to diverge, said the NAR.

"From a consumer's perspective, only the local market information matters and there are no changes to local multiple listing service data or local supply-and-demand balance, or to local home prices," said NAR chief economist Lawrence Yun.

"In essence, realtors began to capture a greater market share. In addition to a decline in sales by [owners themselves], more builders began marketing new properties through real estate brokers that weren't completely filtered from the existing-home data."

Despite the revision, analysts were encouraged by the latest set of figures.

"The 14% downward revision to the number of existing home sales since 2007 confirms that the housing crash has been deeper than originally thought," said Paul Dales at Capital Economics.

"Much more important is that the increase in sales in more recent months, including a 4% m/m gain in November, suggests that housing is past the worst. Despite the downward revisions to sales, 2012 may be the year that a modest housing recovery finally gets underway."

More on This Story

US Economy

Related Stories

The BBC is not responsible for the content of external Internet sites

More Business stories



  • Peaky Blinders publicity shotBrum do

    Why is the Birmingham accent so difficult to mimic?

  • Oliver CromwellA brief history

    The 900 year story behind the creation of a UK parliament

  • Image of Ankor Wat using lidarJungle Atlantis

    How lasers have revealed an ancient city beneath the forest

  • TheatreBard taste? Watch

    Are trailer videos on social media spoiling theatre?

  • Agents with the US Secret Service, such as this one, are responsible for guarding the presidentHard at work

    White House break-in adds to Secret Service woes

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.