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US home sales hit 11-year high, supply still tight

Economists and realtors say a 40% share of first-time buyers is needed for a robust housing market

Reuters  |  Washington 

US home sales increased more than expected in November, hitting their highest level in nearly 11 years, the latest indication that housing was regaining momentum after almost stalling this year. The National Association of Realtors said on Wednesday that existing home sales surged 5.6 per cent to a seasonally adjusted annual rate of 5.81 million units last month amid continued recovery in areas in the South ravaged by Hurricanes Harvey and Irma. That was the highest level since December 2006 and followed an upwardly revised 5.50 million-unit pace in October. Economists polled by ...

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First Published: Wed, December 20 2017. 22:51 IST