November saw the Dow Jones Industrial Average top 30,000 for the first time, while
mortgage rates reached new record lows again. These new records have provided
encouragement for buyers to move forward on home purchases, which continued to
remain strong overall for the month.
New Listings were up 1.7 percent to 1,098. Pending Sales increased 34.1 percent to
1,214. Inventory shrank 41.1 percent to 1,642 units.
Prices moved higher as Median Sales Price was up 11.4 percent to $209,500. Days
on Market decreased 37.7 percent to 33 days. Months Supply of Inventory was
down 45.8 percent to 1.3 months, indicating that demand increased relative to
Showing activity remains higher than the same period a year ago across most of the
country, suggesting that strong buyer demand is likely to continue into what is
typically the slowest time of year. With inventory remaining constrained in most
market segments, sellers continue to benefit from the tight market conditions.
Information courtesy of CMLS*