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 decreased 3.1 percent for Single Family homes and 13.3 percent for Townhouse/Condo homes.
- Pending Sales increased 7.5 percent for Single Family homes and 13.8 percent for Townhouse/Condo homes.
- Inventory decreased 42.0 percent for Single Family homes and 58.1 percent for Townhouse/Condo homes.
- Median Sales Price increased 15.5 percent to $485,000 for Single Family homes and 17.5 percent to $235,000 for Townhouse/Condo homes.
- Median Time to Contract decreased 21.1 percent for Single Family homes and 51.3 percent for Townhouse/Condo homes.
- Months Supply of Inventory decreased 50.0 percent for Single Family homes and 70.0 percent for Townhouse/Condo 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), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
