What’s Happening In The Market?
December Update
Please note: this SFAR data is for November 2021
The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
New Listings were down 52.1 percent for single family homes and 29.4 percent for Condo/TIC/Coop properties. Pending Sales decreased 19.9 percent for single family homes but increased 14.7 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 16.0 percent to $1,900,000 for single family homes and 8.9 percent to $1,277,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 61.5 percent for single family units and 67.7 percent for Condo/TIC/Coop units.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digitprice growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
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