NAR released a summary of existing-home sales data showing that housing market activity this November jumped 5.6 percent from last month and rose 3.8 percent from last year. November’s existing-home sales reached 5.81 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $248,000 in November, up 5.8 percent from a year ago. This marks the 69th consecutive month of year over year gains.
Regionally, all four regions showed growth in prices from a year ago, with the Northwest leading all regions with an incline of 8.8 percent. The West had a gain of 8.2 percent followed by the South with a gain of 4.8 percent. The Northeast had the smallest gain of 4.0 percent from November 2016.
From October, three of the four regions experienced gains in sales with the West being the only region to have a decline of 2.3 percent. The Midwest had the biggest incline of 8.4 percent followed by the South with an increase of 8.3 percent. The Northeast had the smallest gain of 6.7 percent.
Three of the four regions showed an incline in sales from a year ago while the Northeast was flat. The Midwest had the biggest gain of 6.8 percent. The South had an incline of 4.0 percent. The West had increase sales of 2.5 percent. The South led all regions in percentage of national sales, accounting for 40.3 percent of total, while the Northeast had the smallest share at 13.8 percent.
November’s inventory figures are down 7.2 percent from last month to 1.67 million homes for sale. Supply continues to be an issue as inventories are down 9.7 percent from a year ago, marking 30 months of year over year declines. It will take 3.4 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 40 days for a home to go from listing to a contract in the current housing market, down from 43 days a year ago.
In November, single-family sales increased 4.5 percent and condominiums sales inclined 14.3 percent compared to last month. Single-family home sales rose 3.2 percent and condominium sales were up 7.5 percent compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 5.4 percent at $248,800 and condominiums up 8.8 percent at $242,500 from November 2016.