Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate¹ of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.

Lawrence Yun, NAR chief economist, said the rise was expected. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,” he said. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”

An NAR practitioner survey² shows first-time buyers purchased 51 percent of homes in November, compared with an upwardly revised 50 percent of transactions in October.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.

NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said conditions are optimal for buyers in the current market. “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said. “This means buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates. Throw a tax credit on top and it really doesn’t get any better for buyers with secure jobs and long-term ownership plans.”

Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6.5-month supply³ at the current sales pace, down from an 7.0-month supply in October.

Raw unsold inventory figures are 15.5 percent below a year ago. The last time there was a lower supply of homes on the market was April 2006 when it was at a 6.1-month supply.

“Nearly all markets experienced a solid sales gain from one year ago,” Yun said. “The only markets with measurably lower sales were in San Diego, Riverside, and Sacramento, where inventory shortages for lower priced homes are limiting sales.”

For the second month in a row, sales have risen in all price classes from a year earlier. Prior to October, the only consistent gains were in the lower price ranges.

The national median existing-home price⁴ for all housing types was $172,600 in November, which is 4.3 percent below November 2008. Distressed properties, which accounted for 33 percent of sales in November, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales jumped 8.5 percent to a seasonally adjusted annual rate of 5.77 million in November from a level of 5.32 million in October, and are 42.1 percent above the pace of 4.06 million in November 2008. The median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago.

Existing condominium and co-op sales in November were unchanged from a seasonally adjusted annual rate of 770,000 in October, but are 60.1 percent above the 481,000-unit pace a year ago. The median existing condo price⁵ was $178,000 in November, which is 3.1 percent below November 2008.

Regionally, existing-home sales in the Northeast rose 6.6 percent to an annual level of 1.13 million in November, and are 52.7 percent higher than November 2008. The median price in the Northeast was $223,400, down 13.1 percent from a year ago.

Existing-home sales in the Midwest increased 8.4 percent in November to a pace of 1.55 million and are 53.5 percent above a year ago. The median price in the Midwest was $140,800, a decline of 0.4 percent from November 2008.

In the South, existing-home sales rose 4.8 percent to an annual level of 2.39 million in November and are 44.8 percent higher than a year ago. The median price in the South was $151,400, down 1.4 percent from November 2008.

Existing-home sales in the West increased 10.6 percent to an annual rate of 1.46 million in November and are 28.1 percent above November 2008. The median price in the West was $231,100, which is 4.1 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, and is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

¹The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

²First-time buyer and distressed sales data are from the Realtor® Confidence Index; prior month first-time buyer data was revised due to a computational coding issue after the questionnaire was updated to obtain more specific breakouts.

³Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982.

⁴The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

⁵Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for December will be released January 25. The next Pending Home Sales Index is scheduled for January 5; release times are 10 a.m. EST.

PEMBROKE, NH.  2009 – Epoch Homes, a leading manufacturer of fully custom designed modular homes took first place for Green Building at the annual BSC Excellence in Marketing and Home Design awards program. The Building Systems Councils (BSC) of the National Association of Home Builders presented the award for the best green prefab home at their annual Showcase event in Marco Island, Florida. Epoch also won first place for Excellence in Design- Modular Homes over 4,001 sq. ft in this years awards.

The award winning home was certified under both the LEED and NAHB green Building Guidelines. The home was Platinum LEED certified and was the first to achieve Gold under the Build Green NH Guidelines. Epoch Homes has been involved in Green Building since the late 1990’s when they partnered with the Department of Energy on the Cambridge Co-Housing project. Their first LEED Platinum project was a duplex, certified in 2007. This home was built for ABODE Builders of New England.

John Ela, Epoch CEO and owner stated, “Epoch continues to explore new technologies to make green building affordable and to simplify the process, encouraging our Builder Network to try new approaches. While building in a controlled factory environment is inherently greener than traditional site building, we try to go beyond that by offering new materials, insulation and wall systems.” He added that “Green Building and Custom Building are two approaches that go hand in hand to meet the needs of today’s discerning home buyer. Our willingness to listen to the customer has allowed us to build some of the greenest homes in the country. It is an honor to be recognized by our peers for our leadership in building beautiful green homes.”

These, along with other award winning homes can be seen at www.epochhomes.com. The award winning projects will also be on display at the 2010 International Builders’ Show in Las Vegas.

About Epoch Homes:

Epoch Homes, of Pembroke, NH, is the leading manufacturer of fully custom designed modular homes, cottages, and mansions. For 26 years, Epoch Homes has sold to a growing network of quality builders serving New England, NY and NJ, and has built some of the Greenest homes in the country. The Green Approved factory supports LEED, The National Green Building Standard ICC-700 and Energy Star certification programs.

Press Release Contact Details:

John D. Ela President & CEO Epoch Corporation Route 106 P. O. Box 235 Pembroke, NH 03275 JohnEla@EpochHomes.com www.epochhomes.com

MIAMI, Fla. (November 23, 2009) – On Cyber Monday, November 30, Lennar, one of the nation’s leading homebuilders, is pulling out all the stops! On this one day and one day only, visit http://www.lennar.com/cybermondayhomesale/ and download valuable home buying coupons that provide exceptional savings deals on brand new Lennar homes in more than 50 communities throughout Florida.

It’s simple, with just the click of the mouse, prospective homebuyers can download coupons offering deals such as $5,000 off the base price of a new home, $5,000 off closing costs or Lennar will match the $6,500++ new and expanded homebuyers tax credit offer up to $13,000.

Cyber Monday is the only day to download these amazing offers that will not be seen again. Prospective buyers then have the next seven days to purchase a Lennar home and redeem the coupon savings.

There are more than 50 participating Lennar communities in Florida to chose from ranging from single-family homes, townhomes, condominiums, lifestyle, golf course and even active adult communities starting from the $90s in these select areas:

• Naples/Fort Myers
• Sarasota/Manatee
• Tampa/Orlando/Lakeland
• Space Coast
• Miami/Dade
• Broward
• Palm Beach/Treasure Coast

There is no better way to start the holiday season and end the year than in a brand new Lennar home.

Visit http://www.lennar.com/cybermondayhomesale/ on Cyber Monday and get a real deal on a Lennar Home.

Lennar is one of the nation’s premier builders of new homes for all generations. Currently, celebrating its 55-year anniversary, the homebuilder understands the quality, customer service and lifestyle needs of today’s new homebuyers.

For more information on Lennar’s “Cyber Monday” call 888.212.0981 in Southwest Florida, 877.204.0571 in Tampa/Orlando or 866.784.7243 in Southeast Florida.

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Disclaimers If Needed By Publication:
Prices subject to change without notice. See a Lennar New Home Consultant for further information. +To be eligible to claim the $6,500 tax credit, buyers must have owned and resided in a home for any 5-consecutive year period
during the last 8 years, and must close after the date of enactment (11/6/09) and prior to 7/1/10. Tax Credit is subject to eligibility requirements. Lennar cannot provide guarantees of actual savings and does not guarantee the homebuyers’ qualification for the
federal tax credit. Not tax advice, homebuyers should consult with their tax advisor. Tax laws are subject to change. ++Lennar tax credit match offer valid on select homes as determined by Lennar that are purchased by 12/31/09. All offers, incentives and
discounts must be specified in the purchase agreement to be valid, and are subject to certain terms, conditions and restrictions. Offer available only to qualified buyers financing through Universal American Mortgage Company and closing at designated closing agent. Mortgage Lender License #ML 0700915. fCopyright © 2009 Lennar Corporation. Lennar and the Lennar logo are registered service marks of Lennar Corporation and/or its subsidiaries. 11/09

Press Release Contact Details:

Brandi McDonald Lennar Public Relations Manager brandimcdonald@zadv.com 321.446.8967