Photo: Kevin Dooley/Flickr
US home prices continued to edge upward in November with the National Association of Realtors (NAR) reporting that the median sale price for an existing home was $205,300, up five percent over the same time last year. November was also the 33rd consecutive month to measure year-over-year price gains.
However, the sales picture was a bit more mixed. Though existing home sales reached their peak for the year in October, they declined month-to-month in November. Total home sales, which include all housing types, dropped 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November, down from 5.25 million in October. Sales declined to their lowest annual level since May, but were still higher than the levels seen last year. Compared to November 2013 levels, home sales edged up 2.1 percent for the second straight month of year-over-year increases.
“Fewer people bought homes last month despite interest rates being at their lowest levels of the year,” said Lawrence Yun, NAR’s chief economist.
“The stock market swings in October may have impacted some consumers’ psyches and therefore led to fewer November closings. Furthermore, rising home values are causing more investors to retreat from the market.”
Here’s how some of the major metro areas fared last month:
New York-Newark-Jersey City, NY-NJ-PA
The median price rose $348,000, up three percent from last year. There were a total of 94,229 listings, up 12.7 percent from last year. The median age of inventory, or the amount of time a listing has been on realtor.com, was relatively high at 101 days (for the 200 largest metros studied in the report, the median rate was 87 days).
San Francisco-Oakland-Hayward, CA
Prices dropped year-over-year at a rate of 5.8 percent to a median of $587,500. Supply tightened as the amount of available listings declined by 10.1 percent compared to November 2013. The median amount of time a listing stayed on the market was 49 days.
Existing homes measured a 5.8 percent year-over-year sales price increase to $382,000. Listings were up at a rate of 8.6 percent compared to November 2013 while the median age of inventory was 64 days.
Dallas-Fort Worth-Arlington, TX
Prices soared year-over-year, increasing by 17.3 percent to $247,500. The amount of listings available in November tightened considerably, plummeting by 23.5 percent compared to the same time last year. The median age of a listing’s life on Realtor.com was 52 days.
Houston-The Woodlands-Sugar Land, TX
Everything’s bigger in Texas, including the prices increases. In the Houston metro area, the median sale price jumped 21.1 percent year-over-year to $252,500. As was the case in and around Dallas, listings also declined, dropping 13 percent compared to 2013. The median age of a listing in November was 59 days.
Miami-Fort Lauderdale-West Palm Beach, FL
The metro area saw a modest price increase, rising 2.1 percent to a median of $269,500. The amount of properties for sale surged 18.5 percent compared to last year while the median age of inventory was 72 days.