Highlights:
- RE/MAX reports: November year-over-year home sales is 1.1 percent higher. On a month-over-month basis, it fell 7.3 percent.
- 36 out of the 54 markets saw an increase in year-over-year sales.
- Homes’ average number of days on the market, 54 days; down by five days on the year-over-year basis, up 3 days from October.
On the recent report, RE/MAX saw a 1.1 percent increase in November home sales on a year-over-year basis. However, home sales were down by 7.3 percent from October 2017.
RE/MAX Co-CEO Adam Contos said, “The end of the year is typically a slower selling season with low inventory, but our numbers are telling a different story.” Contos added, “We don’t see any sign of home buyers slowing down their house hunting. In fact, many are taking advantage of lower competition for available homes in the ‘slow season.’ Until we begin to see new homes being built, we won’t see much growth in available homes on the market.”
The high home prices didn’t seem to scare off potential homebuyers. While the median sales price scaled up in November, homebuyers didn’t slow down on homeownership.
Median Home Sales Prices Continue to Rise in Most Metros, Five saw a Decline
Median home sales price increased 1.7 percent higher, reaching $227,500 in November. It’s also up by 3.7 percent on a year-over-year comparison. According to the RE/MAX data, only five metros experienced a decline from the previous year on their respective median sales prices. On the other side of the spectrum, the San Francisco metro (topping with 13.8 percent increase) and eight other areas saw a huge two-digit percentage uptick from the previous year.
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November is 6th Month with Increased Year-Over-Year Sales
According to the December RE/MAX National Housing Report, this the sixth month that the year-over-year median home sales have surged. This is despite the lack of housing inventory and escalating home prices in most areas in the country. 36 metro areas showed strong home sales out of the 54 markets that RE/MAX monitors.
On a decline is the year-over-year average number of days homes spend on the market. Properties spend five days less in November 2017 compared to the same month last year. However, this year’s November average is slightly longer compared to the previous month. In October, homes spent three days lesser on the market on average.
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Monthly Home Inventory Increases, Homes for Sale Drop
November’s supply of inventory has increased slightly by 0.3 on a monthly basis. In October, the supply of inventory was 3.3. Also, the month supply of inventory is down from the 4.0 a year earlier.
Plunging sharply is the number of homes for sale on the yearly and monthly basis. November had 9.2 percent lower fewer homes for sale compared to the previous month. From November 2016, the homes for sale were down by 14.5 percent.
How will the home sales perform in the last month of 2017? If homebuyers keep their enthusiasm, we hope to see another positive increase in home sales. Improvement in housing inventory and home prices may also drive the sales higher. To find out more about how the housing market is performing, talk to a lender.
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