Economy: November Housing


Existing Home Sales (November)
This was a better than expected report, with existing home sales rising 4.0% in November to a 4.42 million unit annual rate, high since
January. The number of homes listed for sale fell to a six and a half year low, and months supply at the current sales pace hit a two-year low
of 7.0 months, nearing a more balanced level around 6 months. On top of the more moderate listed inventories, there remains a large
overhang of shadow inventories, but shadow inventory estimates have also been coming down in recent months.  --  Morgan Stanley Research, 12/22/11

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