The latest real estate market trends
According to a recent report from The National Association of Realtors (NAR) existing homes sales had shown some varying activity across the major regions of the United States for the month of November. Both the Northeast and Midwest saw some growth in sales while the South and West saw some dips.
The total existing sales of single families, townhomes, condos and coops had decreased overall despite some regional gains by 1.7% from the month before. Even though sales were down from October, they were up by 2.7% over last year at this same time.
Lawrence Yun, NAR’s chief economist, said the decline in sales for November is not a cause for worry. “Sales will be choppy when inventory levels are low, but the economy is otherwise performing very well with more than 2 million job gains in the past year,” said Yun.
The amount to inventory was down from both the month before as well as last year. Specifically, inventory was 7.3% lower from the month before and 5.7% lower than the same time in 2018 according to NAR. Inventory now hovers at a 3.7 month supply at the current pace of sales.
Continuing the trend for now the 93rd month in a row, home prices are still on the rise. The median home price for all housing types was up by 5.4%.
Days on Market
Homes were on the market on average for 38 days in November which was up by 2 days over October. This was actually lower than the 42 days that we saw in November of 2018. About 45% of the homes sold in November were on the market for less than one month.
Freddie Mac reported that the average rate for a commitment on a 30 year fixed loan was 3.70% in November which was up from 3.69% in October.