Home Sales Boom and House Rise Sharply in November

Home sales in November increased nearly 16% over the same month in 2011, the second highest year-over-year increase in sales this year, according to the Re/Max National Housing Report.

The only month with a larger year-over-year increase was October at nearly 18%. The month-to-month decline in sales is 7%.

This makes 10 months in a row of rising home prices on a year-over-year basis.

The median price for homes sold this November was $163,750, up nearly 4% from October and almost 7% from November 2011. Rising prices are due mostly to a dwindling inventory, as the average number of homes for sale is now 29% lower than last year.

Margaret Kelly, CEO of Re/Max LLC, said, "We're ending the year the way we started it, with better than expected performance. If we can get more reasonable regulation from Washington and if mortgage availability improves, 2013 will see a much stronger housing market."