ExistingHome Sales Skyrocket Toward An 11 Year High

ExistingHome Sales Skyrocket Toward An 11 Year High

Existing-Home Sales Skyrocket Toward An 11 Year High

 

According to the National Association of REALTORS® (NAR) reporting, we are currently experiencing a decade-plus existing-home record sales thrust.

  • Existing-home sales in November ratcheted to a level not seen in more than 10 years,

    •  existing-home sales totaled 5.81 million, a 5.6 percent increase from October and a 3.8 percent increase from one year prior,

    •  inventories decreased 7.2 percent to 1.67 million or 9.7 percent below one year prior.

  • Factors being credited with this thrust in sales include,

    •  faster economic growth in recent quarters,

    •  the booming stock market,

    •  and continuous job gains.

  • This was evidenced by,

    •  a subdued level of first-time home buyers,

    •  an increased share of cash buyers,

    •  move-up buyers with considerable down payments,

  • making up the bulk of the sales activity last month.

  • Other meaningful and note-worthy data include,

    •  the odds of closing on a home are much better at the upper end of the market where inventory conditions continue to be markedly better,

    •  sales showed no signs of the uncertainty that buyers faced in November

    •  however, expectations of climbing interest rates may have induced buyers to purchase earlier than they might have,

    •  inventory is currently at a 3.4-month supply in November,

    •  existing homes averaged 40 days on market in November, three days less than one year prior,

    •  44 percent of homes sold in November were on the market for less than one month.

  • 2018 existing-home sales will have these factors added to the mix,

    •  the anticipatedrise in mortgage ratesnext year could further cut into affordability if these staggeringly low supply levels persist,

    •  price appreciation is too fast in a lot of markets right now,

    •  the increase in home builder optimism must translate to significantly more new construction in 2018 to help ease these acute inventory shortages.

  • Overall November 2107 existing-home sales numbers,

    •  median existing-home price for all types of houses (single-family, condo, co-op and townhome) was $248,000,

    •  a 5.8 percent increase from one year prior,

    •  the median price for an existing single-family home was $248,800,

    •  the median price for an existing condo was $242,500

    •  Single-family existing home sales came in at 5.09 million in November, a 4.5 percent increase from 4.87 million in October and a 3.2 percent increase from 4.93 million one year prior,

    •  Existing-condo and -co-op sales came in at 720,000, a 14.3 percent increase from October and a 7.5 percent increase from one year prior,

    •  22 percent of existing-home sales in November were all-cash, with 14 percent by individual investors, and 4 percent were distressed,

    •  (This indicates that the market badly needs more lower-priced and small-sized homes to come onto the market for more and more buyers to be able to enter the market),

    •  first-time homebuyers comprised 29 percent of existing-home sales in November, a decrease from 32 percent in October.

  • Regional numbers for November were,

    •  Northeast existing-home sales rose 6.7 percent to 800,000, with a median price of $273,600,

    •  with the Midwest saw an 8.4 percent rise to 1.42 million, with a median price of $196,100;

    •  an 8.3 percent to 2.34 million was realized in the South, with a median price of $216,000,

    •  while the West experienced a fall of 2.3 percent to 1.25 million in the, with a median price of $375,100.


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Phone: 561-308-8300
Dated: December 21st 2017
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