Industry NewsMarkets & Economy

Rising demand, scarce supply bolsters home prices

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The number of existing homes for sale hit a low not seen in more than a decade in November as sales climbed to the highest level in three years, providing continued support for prices, the National Association of Realtors reported today.At $180,600, the national median existing-home price for all housing types was up 10.1 percent from a year ago -- the ninth consecutive month of annual gains, and the longest streak since May 2006."Momentum continues to build in the housing market from growing jobs and bursting out of household formation," said Lawrence Yun, NAR's chief economist, in a statement. "With lower rental vacancy rates and rising rents, combined with historically favorable affordability conditions, more people are buying homes."Sales of existing single-family homes, townhomes, condominiums and co-ops were up 5.9 percent from October, to a seasonally adjusted annual rate of 5.04 million. That's a 14.5 percent increase from a year ago.The number of ...