The dual challenges for the housing market of rising prices and weak inventory has not stopped sales increasing
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The dual challenges for the housing market of rising prices and weak inventory has not stopped sales increasing.
RE/MAX says that year-over-year home sales gained in November, the sixth month of increases in 2017. The 1.1% nationwide gain resulted from rising sales y-o-y in 34 of the 54 markets analysed for the firm’s latest National Housing Report.
Buyers faced additional costs as the median price across the markets surveyed rose for the 20th straight month to reach $227,500 last month, a nationwide gain of 3.7% year-over-year.
Nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in San Francisco, CA, +13.8%, Cleveland, OH, +12.9%, Orlando, FL, +11.6%, and Seattle, WA, +11.4% while 5 markets saw decline including Anchorage, AK, -5.3%, Trenton, NJ, -4.2%, and Honolulu, HI, -3.4%.
Inventory keeps shrinking
Meanwhile, inventory tightened for the 108th month, with a 14.5% drop in available homes to just 3.6 months of supply.
"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.'"
The supply issue is exacerbated by rising costs of materials and labor shortages.
Biggest sales gains in these markets
The markets that saw the largest increases in sales in November compared to a year earlier included: Trenton, NJ, +21.3%, Augusta, ME, +14.5%, Honolulu, HI, +14.1%, and Manchester, NH, +14.0%.
RE/MAX says that year-over-year home sales gained in November, the sixth month of increases in 2017. The 1.1% nationwide gain resulted from rising sales y-o-y in 34 of the 54 markets analysed for the firm’s latest National Housing Report.
Buyers faced additional costs as the median price across the markets surveyed rose for the 20th straight month to reach $227,500 last month, a nationwide gain of 3.7% year-over-year.
Nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in San Francisco, CA, +13.8%, Cleveland, OH, +12.9%, Orlando, FL, +11.6%, and Seattle, WA, +11.4% while 5 markets saw decline including Anchorage, AK, -5.3%, Trenton, NJ, -4.2%, and Honolulu, HI, -3.4%.
Inventory keeps shrinking
Meanwhile, inventory tightened for the 108th month, with a 14.5% drop in available homes to just 3.6 months of supply.
"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.'"
The supply issue is exacerbated by rising costs of materials and labor shortages.
Biggest sales gains in these markets
The markets that saw the largest increases in sales in November compared to a year earlier included: Trenton, NJ, +21.3%, Augusta, ME, +14.5%, Honolulu, HI, +14.1%, and Manchester, NH, +14.0%.
