Sales of existing homes were higher than expected for the month of November. The gain in activity for higher-end homes was also higher than expected. In fact, the National Association of Realtors reported that sales of homes priced $750,000 and above jumped 50% in price over the previous year.
The sale of higher-end homes helps the economy move forward and has an overall significant impact on the sales price of homes across the board.
Why the shift? It is a result of pent up demand for move-up homes, improvements in the housing market and a rise in consumer confidence.
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