What Slowdown? Existing-Home Sales Rise in Unusual November

Existing-home sales increased 0.7 percent to 5.61 million in November, reports the National Association of REALTORS® (NAR), up from 5.57 million in October—reversing the typical trend toward a slowdown at this time of year. The November numbers, up 15.4 percent from last November, mark the highest sales pace since February 2007. The upward pull, according to the report, was driven primarily by activity in the Northeast, which grew 8.0 percent to 810,000.

“The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months,” says Lawrence Yun, NAR chief economist. “Furthermore, it’s no coincidence that home shoppers in the Northeast—where price growth has been tame all year—had the most success last month.”

“With the holidays around the corner and weather getting frosty in much of the country, November is typically the slowest month of the fall,” says Jonathan Smoke, realtor.com® chief economist, “but this year it was abnormally strong. Last month, we saw the highest level of sales for November since 2006, and there was more buyer and seller traffic than there was in October.”

 

Guy Arnone

Guy Arnone is a California Licensed Real Estate Broker who belongs to a select group of individuals approved by the California Real Estate Commissioner to perform a special dual service in the real estate industry.


Guy started the Fred Sands of Valencia with five agents. By the time he sold/merged the office in 2009 to Coldwell Banker, Vintage Sotheby’s International Realty office (formerly Fred Sands) had over 150 agents in his organization. His company included mortgage,escrow, commercial and property management divisions and had grown to  be ranked the #3 office in their marketplace.


Licensed by the California Bureau of Real Estate since 1986, Guy has been serving Southern California real estate needs for nearly over 30 years. From representing principals in all facets of real estate brokerage, financing, property management, development, and real estate investing to developing, growing and managing real estate companies.


Guy continues to rank among the top 10% Nationwide of all real estate professionals of transactions of residential, luxury, commercial and multi-residential real estate.


Guy has and continues to serve on many advisory boards including, Women with Vision, Title IX, The Northridge Hospital Foundation, We Are the World Real Estate, Children’s Hunger Fund and The Springbrook Foundation. He enjoys Sports, Art, Travel, History, Reading, Music, and spending time with friends and family. Guy has been married for over 26 years and has three children.