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 increased 10.3 percent for Single Family homes and 31.0 percent for Townhouse-Condo homes. Pending Sales increased 21.7 percent for Single Family homes and 41.3 percent for Townhouse-Condo homes. Inventory decreased 7.0 percent for Single Family homes and 41.7 percent for Townhouse-Condo homes.
Month’s Supply of Inventory decreased 14.3 percent for Single Family homes and 53.8 percent for Townhouse-Condo homes. Median Sales Price Increases Median Sales Price increased 10.0 percent to $228,000 for Single Family homes but decreased 30.8 percent to $146,500 for Townhouse-Condo homes. Average Days on Market Decreases Days on Market decreased 32.3 percent for Single Family homes and 30.8 percent for TownhouseCondo homes.
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), thie highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
