What’s Happening In The Market?
November Update
Please note: this SFAR data is for October 2021
The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New Listings were down 40.2 percent for single family homes and 28.5 percent for Condo/TIC/Coop properties. Pending Sales decreased 14.1 percent for single family homes but increased 18.3 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 12.8 percent to $1,810,000 for single family homes and 8.5 percent to $1,250,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 55.3 percent for single family units and 66.4 percent for Condo/TIC/Coop units.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
|
