Last month’s rate of pre-owned home sales climbed to the highest level in more than a decade, with the Midwest leading the month-over-month gain. The supply of homes fell to a record low.

During November, sales were completed on 427,000 existing single-family homes, townhomes, condominiums and co-operatives.

That brought pre-owned residential home sales for the period that began on Jan. 1 of this year and concluded on Nov. 30 to 5.086 million units.

Source: Mortgage Daily