The National Association of Realtors just released the national and regional existing home sales data for November 2006. (Get .pdf here) The data, particularly for the northeast region, looks pretty good. The seasonally adjusted annual rate of sales rose 6.0% in November over October. The median sales price in the Northeast reversed its downward trend, pushing up 5% over October, and measuring just 2.2% below November 2005. The $269,000 median sales price in November was 7% below the peak reached in June, but just a hair below the $271,300 recorded for all of 2005. The data seems to support a prediction that I’ve been making for the last few months that the market will probably stabilize around 2005 levels (which was still a very good year), erasing some of the peaks earlier this year but unlikely to retreat further to 2005 levels. Of course, I don’t have a crytal ball, and there are an awful lot of macro-economic factors that can impact real estate. Notably, if mortgage interest rates rise substantially that will have a direct impact on housing affordability and could translate into a slide in prices.