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.

At Unique Home Stays we’re already dreaming of roaring fires, mulled wine and windswept walks as thoughts turn to planning the next big getaway. For UHS owners, the season to be jolly provides the perfect excuse to bedeck their properties with festive flavour and winter warming appeal. If, after a summer spent with your nearest and dearest, top of your wish list is leaving them all behind over the festive period, we’ve beautiful homestays for two to tempt; or if you find yourself counting the days until the next family get-together; we’ve perfect party pads for a group gathering that will ensure you see the New Year in with a bang.

The Potting Shed, Nr Watergate Bay, Cornwall

A stone’s throw from some of the best coastal scenery in Cornwall; this idyllic retreat is the perfect base for a festive retreat

Spend crisp winter’s days: Making the most of the stunning North coast beaches for a spot of adrenaline-fuelled activities; from coasteering to surfing.
And cosy winter’s eves: After a day of wind-blasting, a long soak in the bath followed by a curl up in front of the logburner is probably all you’ll feel up to. Indulge in a luxury home cooked supper delivered to your door; as you count in the New Year in getting-away-from-it-all style.
Cost: A week-stay over New Year is £700 based on 2 guests.
Take me there: www.thepottingshed.uniquehomestays.com

The Oyster Shack, Whitstable, Kent

This quirky seaside beach house is the perfect location for a festive family gathering

Spend crisp winter’s days: Walk into Whitstable or head to Deal to find quirky last-minute presents as well as stock up on lovely festive nibbles; you’ll find a host of great shops and delis. Start the New Year with the best intentions… take the Saxon Shore Way from the house around the coast to walk off the festive excesses.
And cosy winter’s eves: Head out to the veranda with a blanket or two and a mug of mulled wine for a stargazing extravaganza.
Cost: Christmas and New Year currently available; week-stays at £2750 based on 8 guests
Take me there: www.theoystershack.uniquehomestays.com

Honeystone Manor, Nr Burford, Oxfordshire

A stunning and quirky country house perfect for a festive gathering in style

Spend crisp winter’s days: Exploring the curio boutiques of nearby villages such as Burford; heading to the buzz of central London for a spot of last minute present buying. Or simply make the most of relaxing in sublime comfort at the house… go the extra mile and hire a masseur to provide you with a pre-Christmas pamper.
And cosy winter’s eves: Sumptuous sofas, roaring fires and dramatic décor offer the perfect backdrop for a festive break to remember. The beautiful barn provides the ultimate fine dining setting; with fantastic local chefs available if you want to indulge (catering at an additional cost and by prior arrangement)
Cost: A week’s stay at Christmas is £9500; a 5-nt stay at New Year £7000 based on 14 guests
Take me there: www.honeystonemanor.uniquehomestays.com

Queen Mary’s Castle, Scotland

For the ultimate in relaxation this Christmas and New Year then escape to your very own fully staffed and catered Scottish castle

Spend crisp winter’s days: Trying out a plethora of country pursuits including fishing, clay pigeon shooting and archery on the 44-acre estate, or even partaking in a round of mini Highland Games.
And cosy winter’s eves: Getting into the Scottish spirit of things; whether whisky tasting a ceilidh or fireside tales from a Highland Storyteller take your fancy. You’ll be drawing straws for sleeping in the Tower Room, this romantic turret bedroom is accessed via a private staircase where a four-posted bed awaits.
Cost: Christmas and New Year breaks at £395 per person per night (based on a minimum of 12 guests, maximum 18) minimum 3-nt stay
Take me there: www.queenmaryscastle.uniquehomestays.com

Candlewick Cottage, Painswick, Cotswolds

Hang your stocking on the fireplace and get into festive mode at this cosy cottage chock full of antique appeal

Spend crisp winter’s days: Donning your walking boots and heading out for windswept walks in the beautiful surrounding countryside. If that’s all a little too energetic for you, head to Bath Spas for an indulgent pre-Christmas pamper. After which you’ll be feeling far too relaxed to do anything other than sit in the conservatory with a good book and some festive nibbles.
And cosy winter’s eves: Snuggled up in front of the roaring fire. All you need is your other half, good food, wine and the obligatory Christmas board games and you’ll be wishing for snow so you’ve an excuse not to leave the comfort of your country abode.
Cost: A week’s stay over Christmas or New Year costs £950 based on 4 guests
Take me there: www.candlewick.uniquehomestays.com

The Tower House, Nr Warrington, Cheshire

For a stunning backdrop for festive photos this is the ultimate uber-chic contemporary haven

Spend crisp winter’s days: Cycling the local Trans Pennine Trail, perfect for youngsters with lots of lovely pubs en route. Or head to the sales in Manchester for a little New Year spending!
And cosy winter’s eves: For those of you brave enough to make the dash outside, the roof garden hot tub is certainly a unique way to welcome in the New Year; and the perfect vantage point for firework watching.
Cost: Christmas and New Year breaks at £3500 for 3-nts or £7000 for a week based on 10 guests
Take me there: www.victoriantowerhouse.uniquehomestays.com

Tower Hill, Borders of Rutland, Lincolnshire

Toast in the New Year in luxurious style at his stunning party pad

Spend crisp winter’s days: A bracing round of golf before lunch maybe? Perhaps a lakeside cycle? Alternatively just batten down the hatches and make the most of all that’s on offer at this fantastic property; where everything from snooker to a large indoor swimming pool, state-of-the-art cinema room, and even a five-a-side football pitch will keep kids and big kids alike amused for hours.
And cosy winter’s eves: More of the above! And for a real treat ensure that you take at least one night off kitchen duty to get the professionals in to cater for you; whether you’re opting for a gourmet buffet or 6-course candlelit dinner to see the New Year in in style. (catering at an additional cost)
Cost: A week’s stay over the New Year period is £11,500 based on 22 guests
Take me there: www.towerhill.uniquehomestays.com

Pentonwarra, Trevone, Cornwall

Get close to the elements to see in the New Year at this coastal haven

Spend crisp winter’s days: For those brave enough, go on the hunt for the saltwater pool carved into the rocks a short distance from the house and welcome the New Year in with a rejuvenating dip. Don’t forget to pack your walking boots to head out of the house for a daily windblast along the coast path.
And cosy winter’s eves: Take to the piano and enjoy a good old singalong in the ‘music’ room; the dining room with stunning sea views is the perfect location for a special dinner.
Cost: A weeks stay at New Year is £3000 based on 8 guests
Take me there: www.pentonwarra.uniquehomestays.com

Lady Elizabeth’s House, Shropshire

A luxurious stately home exclusively yours, bedecked with festive flavour and fully staffed and catered, for a festive getaway to remember

Spend crisp winter’s days: Exploring the 1,000 acres of parkland in which the house is set. Everything from falconry displays  to ballooning and quad trekking can be arranged (at an additional cost) Or simply curl up with a good book in the Victorian Library which has over 3,000 books from which to choose.
And cosy winter’s eves: Enjoying a plethora of delicious seasonal fare. If you want to get into party mode, everything from casinos to murder mystery can be arranged (at an additional cost) or for a culinary treat, arrange a cheese and port tasting evening in the candlelit cellar.
Cost: £750 per person (plus VAT) based on a 3-nt stay (minimum 20 guests, maximum 52)
Take me there: www.ladyelizabethshouse.uniquehomestays.com

Sea View Cottage, Nr Deal, Kent

Enjoy chic coastal living in this beautiful traditional fisherman’s cottage, as perfect for a romantic festive break with your other half as a cosy family Christmas

Spend crisp winter’s days: Climbing up and over the White Cliffs of Dover, an enviable vantage point of the dramatic seas below.
And cosy winter’s eves: Soaking in the bath watching the sun set over the sea before snuggling down to indulge in festive fare in front of the crackling log fire. Fall asleep to the calming sound of the waves on the shore – bliss.
Cost: Christmas and New Year currently available; week-stays at £1400 based on 5 guests
Take me there: www.seaviewcottage.uniquehomestays.com

For more information contact Sarah Stanley or Sarah Milligan
Tel: +44(0)1637 881942
Email: sarah@uniquehomestays.com
Web: www.uniquehomestays.com