Sales of previously owned homes rose more than forecast nationwide in November to reach a three-year high as lower borrowing costs sustained the U.S. housing rebound.
Purchases of existing houses increased 5.9 percent to a 5.04 million annual rate, the most since November 2009, the National Association of Realtors reported. The median forecast of 82 economists surveyed by Bloomberg projected an increase to a 4.9 million rate. Property values climbed 10.1 percent over the past 12 months as inventories dropped to the lowest level in 11 years.
In Summit County, home sales totaled 420 in November, up 8.2 percent from the 388 sales in November 2011. The 2012 total was up 27 percent from 330 sales in November 2010, according to the Akron Area Board of Realtors.
The national figure is an annualized rate, while the Akron Area Board of Realtors home sales figures are transactions for a given month.
The median sales price in Summit in November was $120,000, up 16.8 percent from $102,750 in November 2011, according to the Akron area board.
Separately, the average interest rate for a 30-year fixed mortgage was 3.37 percent in the week ended Thursday, up from 3.32 percent, according to mortgage guarantor Freddie Mac.
The average 15-year rate slipped to 2.65 percent from 2.66 percent.