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big surge in the Northeast and a smaller gain in the South pushed existing-home sales up in November for the third consecutive month, according to the National Association of Realtors (NAR). Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co- ops, rose 0.7 percent to a seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October. November's sales pace is now the highest since February 2007 (5.79 million) and is 15.4 percent higher than a year ago (4.86 million). Lawrence Yun, NAR chief economist, said it's been an outstanding three-month stretch for the housing market as 2016 nears the finish line. "e healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," he said. "Furthermore, it's no coinci- dence that home shoppers in the Northeast—where price growth has been tame all year—had the most success last month." e median existing-home price for all housing types in November was $234,900, up 6.8 percent from November 2015 ($220,000). Existing-home Sales Climb to Strongest Level Since Early 2007 MARKET UPDATE continued NEWS Universal design in focus for new company Driven by strong demographics and an experienced team of home improvement professionals, a new dealer network aimed at 55-plus homeowners makes its debut at Design and Construction Week in Orlando this month. Offering products ranging from walk-in tubs and grab bars to replacement shower enclosures, Remodel Direct, Inc., is the first brand built around universal design offerings. Until now such improvements have only been marketed and sold locally, despite the fact that 78 million Baby Boomers are now over 50 and expressing preferences toward aging-in-place. At the metro-level, the company is working with local home improvement entrepreneurs to establish a network of exclusive dealerships, says Rick Hirschhaut, president and co-founder of the company. He is joined by Dave Wilson, Charles Whitt and Jim Eldredge, a veteran of Sears Home Improvement and Home Depot, who serves as the company's director of sales. "As we build North America's trusted brand for this rapidly growing demo- graphic, we are pleased to provide our A November's price increase marks the 57th consecutive month of year- over-year gains. Total housing inventory at the end of November dropped 8.0 percent to 1.85 million existing homes available for sale, and is now 9.3 percent lower than a year ago (2.04 million) and has fallen year-over-year for 18 straight months. Unsold inventory is at a 4.0 month supply at the current sales pace, which is down from 4.3 months in October. "Existing housing supply at the beginning of the year was inadequate and is now even worse heading into 2017," Yun said. "Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country." According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage leaped to 3.77 percent in November from 3.47 percent in October (highest rate since January at 3.87 per- cent). e average commitment rate for all of 2015 was 3.85 percent. Properties typically stayed on the market for 43 days in November, up from 41 days in October but down considerably from a year ago (54 days). Short sales were on the market the longest at a median of 110 days in November, while foreclosures sold in 55 days and nondistressed homes took 41 days. Forty-two percent of homes sold in November were on the market for less than a month. From left to right: Dave Wilson, director of marketing; Jim Eldredge, director of sales; Rich Hirschhaut, president and co-founder; and Charles Whitt, senior installation manager. 8 January 2017 QR QualifiedRemodeler.com IN BRIEF