Low inventory, elevated sales prices, and decades-high interest rates continue
to weigh on the housing market, causing sales of existing homes to fall to their
slowest pace since August 2010. According to the National Association of
REALTORS® (NAR), U.S. existing-home sales declined 4.1% month-over-
month and 14.6% year-over-year as of last measure, as prospective buyers,
faced with rising homeownership costs, wait for mortgage rates, and home
prices, to drop.
New Listings decreased 17.3 percent to 81. Pending Sales were down 6.7
percent to 83. Inventory levels shrank 12.6 percent to 470 units.
Prices were fairly stable. The Median Sales Price decreased 0.6 percent to
$225,000. Days on Market was up 16.1 percent to 72 days. Sellers were
encouraged as Months Supply of Inventory was down 4.4 percent to 4.3
months.
Inventory remains at historically low levels nationwide, with only 1.15 million
homes for sale heading into November, a 5.7% decline compared to the same
time last year, for a 3.6 months’ supply at the current sales pace. The shortage
of available properties for sale has kept pressure on home prices, which have
continued to climb despite the slowdown in sales. According to NAR, the U.S.
median existing-home sales price increased 3.4% from a year ago to $391,800,
an all-time high for the month, with annual price gains reported in all four
regions of the country.
Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for November, download the link below.
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