Photo: Charles Smith/Flickr
Following the hot summer sales months, market activity typically decline in the fall and winter months. However, according to the new National Housing Report by RE/MAX, US home sales recorded the most homes sales in any November of the last eight years.
Last month, US home sales were just over 19 percent higher than November 2015, and 1.4 percent above October’s sales. It was the largest year-over-year sales increase seen so far in 2016.
In fact, sales were so good nationwide that all but one of the 53 markets tracked by the RE/MAX National Housing Report increased year-over-year in November. Additionally, half of the markets recorded sales at least 20 percent higher than 2015.
And with only one month left in the year, 2016 is already on pace to exceed what was a strong market in 2015. Every month so far this year has recorded year-over-year price increases, while nine of eleven months have seen sales increases.
The median sales price in the 53 markets included in the report rose almost 9 percent from November 2015 to $220,000. National inventory recorded its 11th straight month of declines in November, falling 17 percent year-over-year. Supply was at four months in November, down from last November’s five month supply. Homes were on the market an average of 59 days compared to the 65 days recorded last year.
“The continued decline of inventory and talk of rising interest rates may have contributed to November’s surge of home sales,” said RE/MAX CEO Dave Liniger in a release.
Liniger added that over the past 11 months, the majority of markets have seen home prices return to their pre-recession levels. “2016 has been the best year for the housing market since the recession,” he said.
Click here to read the full report.