Home sales rise slightly in November

WASHINGTON, Dec. 31 (UPI) -- Existing-home sales rose slightly in November, indicating the U.S. housing market is stabilizing slightly, the National Association of Realtors said Monday.

Total sales of single-family homes, town homes, condominiums and co-ops, rose 0.4 percent to a seasonally adjusted annual rate of 5 million units in November from a revised 4.98 million in October, the association said in a news release. The figures were about 20 percent below the 6.25 million level in November 2006.

The market seems to be stabilizing after months of turbulence, said Lawrence Yun, NAR chief economist

"Near term, existing-home sales should continue to hover in a narrow range, just as they have since September, and that's good news because it'll be a further sign that the housing market is stabilizing," Yun said.

The national median price for all housing types was $210,200 in November, down 3.3 percent from the November 2006 $217,000 median price.

Total inventory of existing homes fell 3.6 percent in November to 4.27 million for sale.

"Inventory is still high, and further reduction in prices may be required in some areas to induce buyers back into the market," Yun said.