Real Estate Trends – Interested in Your Neighborhood?
(Information via Keller Williams)
According to the National Association of REALTORS®, existing home sales accelerated significantly in November, reaching their fastest rate of growth in over 10 years. In spite of ongoing inventory constraints, particularly in the starter-home segment, and a healthy, growing median home price, homes are selling rapidly as buyers scoop up available properties.
The National Association of REALTORS® reported home sales at a seasonally adjusted annual rate of approximately 5.8 million homes during the month of November. This was an increase of 5.6 percent from October and an increase of 3.8 percent from November of last year.
The median home price increased to $248,000 in November, which was up 0.8 percent from October and up 5.8 percent from November of last year. The median home price has increased by approximately $13,600 in the past year alone.
There was a 3.4-month supply of housing inventory in November, which was a 12.8 percent decrease from October. The total number of available homes for sale has decreased by 15.0 percent compared to November of last year.
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