Having ticked up 2.0 percent in October, the seasonally adjusted pace of existing-home sales in the U.S. inched up another 0.7 percent in November to an annual rate of 5.61 million sales, the strongest pace since a 5.79 million pace in February 2007 and 15.4 percent higher versus the same time last year.

In addition, the median resale price for the existing homes that traded hands in November ($234,900) ticked up a percent ($2,700) from the month before and is running 7 percent higher versus the same time last year ($219,100) while the inventory of homes on the market dropped 8 percent to 1.85 million and is running 9 percent lower on a year-over-year basis as opposed to 42 percent higher in San Francisco.

The pace of existing-home sales in the West actually slipped 1.6 percent in November but remains 19 percent higher versus the same time last year.

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