Rising demand, scarce supply bolsters home prices

Raw number of existing homes for sale at lowest level since 2001

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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.