According to the National Board of REALTOR®, homes sales were higher in November then in October.

The total existing home sales were up by .04% in November of 2007 compared to October 2007.  According to Lawrence Yun, NAR, chief economist ”Near term existing-home sales should continue to hover in a narrow range, just has they have been since September, and that’s good news it’ll be a further sign that the housing market is stabilizing”. Unfortunately, we are still down 20% in overall home sales compared to last year.

The tightened lending requirements had it’s biggest effect on the housing market in August of 2007 which really slowed down sales even into the following months. Hopefully now with mortgage rates being on the lower end, along with the decrease in the inventory of homes for sale (compared to October), as well as more aggressive pricing we will see the housing market move again.

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