Existing home sales up 0.5 percent in November

Thu Dec 15, 2011 9:26am EST
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By Claire Sibonney

TORONTO (Reuters) - Sales of existing homes in Canada rose slightly in November, while the number of newly listed homes fell, signaling the national housing market is edging closer to seller's market territory.

National sales of existing homes edged up 0.5 percent in November from the previous month, building on October's 1.2 percent gain, the Canadian Real Estate Association said on Thursday. Meanwhile, the number of newly listed homes was down 3.4 percent in the same period.

CREA also said the national average price in November rose 4.6 percent from a year earlier to C$360,396 ($349,899), its smallest increase since January.

(Editing by Theodore d'Afflisio)