U.S. Existing Homes Sales Rose 5.6% In November
(For November 2010)
Sales of existing homes in U.S. rose 5.6% to 4.68 million units SAAR. Consensus was at 4.75 million.
Chart 1. U.S. Existing Home Sales
Total housing inventory is at 3.7 million units down from 3.9 million in October. Months supply fell from 10.5 to 9.5 months.
Chart 2. U.S. Existing Home Sales Inventory & U.S. Existing Home Sales Months Supply SAAR
The million dollar question here is the size of shadow inventory. Looking only at this data one could conclude that U.S. housing could start to recover.
Existing Home Sales, Existing Home Sales Inventory, Existing Home Sales Months Supply