November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
- New Listings decreased 10.4 percent for Single Family homes and 3.1 percent for Townhouse/Condo homes.
- Pending Sales increased 19.9 percent for Single Family homes and 24.0 percent for Townhouse/Condo homes.
- Inventory decreased 42.4 percent for Single Family homes and 4.8 percent for Townhouse/Condo homes.
- Median Sales Price increased 13.3 percent to $425,000 for Single Family homes and 23.5 percent to $210,000 for Townhouse/Condo homes.
- Median Time to Contract decreased 47.2 percent for Single Family homes and 7.1 percent for Townhouse/Condo homes.
- Months Supply of Inventory decreased 45.0 percent for Single Family homes but remained flat for Townhouse/Condo homes.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.