The last month has seen sales of existing homes increase by 7.4% over October, which is a 44% faster pace than a year ago. Sales were up in every region of the country and all 20 of the largest metro areas with the exception of Las Vegas. In the west sales were up nearly 11%! Additionally, inventory of homes on the market has dropped 16% from a year ago.
Mortgage rates continue to stay at or below the amazing 5% level. This may not last forever and forecasters are predicting a modest increase to about 5.25%. This is still an attractive rate. Low interest, low prices and motivated sellers have made this the most affordable market in history.