Increased Condo Sales Help Drive November's Existing Home Sales to Record High

An unusual jump in condo/coop sales for November, 14.3 percent month-over-month nationwide, boosted existing home sales 5.6 percent from October to 5.81 million units, the strongest month since December 2006.

Aaron Terrazas, a senior economist at Zillow, says shifting seasonal patterns could be responsible. Over the late winter and early spring of 2017, sales were consistent, and strong, surpassing expectations. In the summer, tight inventory finally caught up with the market and sales dropped. "As we move into winter – traditionally a slow home shopping season, although that may be changing as more shoppers linger longer on the market."

There are fewer homes on the market today than there were 35 years ago – despite there being 35 million more households in need of a place to live. And yet, Americans are finding ways to buy homes at rates not seen since the housing bubble, potentially by continuing to look for homes well into the autumn and winter months.

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