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Home Sales Up Despite Rising Prices and Falling Inventory

Phil Hall
Dec 15, 2017
Total existing-home sales declined by 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million from 5.62 million in May

Home sales in November were up by 1.1 percent on a year-over-year basis but were down 7.3 percent from October, according to new data from RE/MAX.
Thirty-six of the 54 metro areas tracked by RE/MAX for its report saw year-over-year sales increases, including Trenton, N.J. (21.3 percent), Augusta, Maine (14.5 percent), Honolulu (14.1 percent) and Manchester, N.H. (14 percent).
November’s median sales price was $227,500, up 1.7 percent from the previous month and up 3.7 percent from the previous year. Only five metro areas saw a year-over-year decline in their local median sales price, most notable Anchorage with a 5.3 percent spill, while nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in San Francisco at 13.8 percent.
The average number of days on the market for homes sold in November was 54, up three days from the average in October but down five days from the November 2016 average. The number of homes for sale in November was down 9.2 percent from October and down 14.5 percent from November 2016, while the months’ supply of inventory increased to 3.6 from 3.3 in October but fell from four days one year earlier.
“The end of the year is typically a slower selling season with low inventory, but our numbers are telling a different story,” said Adam Contos, RE/MAX Co-CEO. “We don’t see any sign of home buyers slowing down their house hunting. In fact, many are taking advantage of lower competition for available homes in the ‘slow season.’ Until we begin to see new homes being built, we won’t see much growth in available homes on the market.”
Dec 15, 2017