HOME SALES HIT 11-YEAR HIGH; INVENTORY AT ALL-TIME LOW
Home sales hit their highest mark in
11 years last month, according to the National Association of Realtors. Sales of existing homes sold at an annual seasonally adjusted pace of
5.81 million. That rate was last surpassed in December 2006 when homes were purchased at an annual rate of 6.42 million. The current inventory of homes for sale is only enough for 3.4 months, the smallest amount since the Realtors association began monitoring the market.