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Nov. Home Prices Higher than Expected

Nov. home sales, prices higher than expected

DENVER – Dec. 18, 2012 – November home sales saw the second-highest year-over-year increase in 2012, with a 15.7 percent rise from November 2011, according to Re/Max’s November National Housing Report.

October had a 17.8 percent increase, making sales this fall season unusually high, according to Re/Max analysts. In November, home prices rose 6.9 percent higher than the prices in November 2011. The median price for homes sold this November was $163,750, according to the report.

Rising prices are due mostly to a dwindling inventory, Re/Max’s report says. The average number of homes for sale is 29.1 percent lower than last year. Low inventory levels now negatively impact home sales in many markets, where there are more buyers than homes for sale.

“2012 has been a great turn-around year for housing, with prices and sales moving beyond where we were last year,” says Margaret Kelly, CEO of RE/MAX. “We’re ending the year the way we started it – with better than expected performance. If we can get more reasonable regulation from Washington and if mortgage availability improves, 2013 will see a much stronger housing market.”

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