Much like October’s new sales numbers, high-rise sales in November were comparatively strong while the low-rise market continued to post relatively low results.
Of the 2,516 new home sales, 1,556 were new high-rise homes, making November 2012 the fifth highest November for high-rise sales in the last thirteen years. There were 960 low-rise sales, the second lowest November of the last thirteen years. The sales total is also the second lowest November in thirteen years.
Here are more highlights from the fresh RealNet November data:
- Year-to-date (YTD) high-rise sales are the fourth highest on record and 15 per cent higher than the long term average.
- YTD low-rise sales are the second lowest on record and 38 per cent lower than the long term average.
- The YTD sales total is the third lowest on record and 16 per cent lower than the long term average.
- The RealNet New Home Price Index for a low-rise home increased by 16 per cent year-over-year to $625,473.
- High-rise home prices increased 2 per cent year-over-year to $437,264.
- Remaining high-rise inventory is at the second highest level on record (13 years).
- Remaining low-rise inventory is at the highest level since December 2010 but still relatively low.
Check out the graphs below to see how new home sales in 2012 stack up against the previous 12 years.
As usual, thanks to RealNet for the market insight!