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 up 17.6 percent to 1,278. Pending Sales increased 14.0 percent
to 1,284, the eighth consecutive month of year-over-year gains. Inventory shrank
12.4 percent to 1,412 units.
Prices moved higher as Median Sales Price was up 11.1 percent to $232,160. Days
on Market decreased 32.4 percent to 23 days. Months Supply of Inventory was
down 23.1 percent to 1.0 months, indicating that demand increased relative to
supply.
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-digit price
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.
Information courtesy of CMLS*
