HomeDex Monthly Market Insights: An Exclusive NSDCAR Member Benefit
The sales trends in the housing market over the last few months suggest that homebuyers can expect higher house prices as median and average sales prices continue to rise. There has been a significant influx of new homes put up for sale and yet the prices continue to rise in most locations because of an overall low inventory of homes available for sale. The year-over-year pending sales and closed sales have also decreased.
November Sales and Price Trends
In November, Closed Sales figures for both Single-Family Detached and Attached homes declined by more than 10 percent. The Median Sales Price was up 3.6 percent to $725,000 for Detached homes and down by 0.6 percent to $434,000 for Attached homes. Days on Market increased 14.7 percent (39 days) for Detached homes and 43.5 percent (33 days) for Attached homes. Supply increased 45.0 percent for Detached homes and 75.0 percent for Attached homes. New listings for Detached homes grew by 8.6 percent to 963, while those for Attached homes were up by 20.9 percent to 387 year-over-year. The Housing Affordability Index in November was down by 14.0 percent for Detached homes, while that for Attached homes slid by 12.3 percent compared to the same time last year. (A decline in the index means the homes are less affordable now as compared to the same time last year). Inventory shot up by 29.7 percent to 2,392 for Detached homes and 60.3 percent to 699 for Attached homes.
A significant dip in closed sales is an indication that the housing market is slowing down. Low unemployment has helped the housing industry during this extended period of national economic growth, but it has also contributed to rising prices. Builders are exercising caution by launching fewer single-family home construction projects in the wake of rising mortgage rates and fewer showings.
Detailed Report for November
The full HomeDex report for November can be accessed below: