Existing-home sales continued to improve in November with low inventory supply pressuring home prices, according to a report released today by the National Association of REALTORS®.
Total existing home sales, which are completed transactions that include single-family homes, townhomes and condominiums, rose 5.9 percent from October to 5.04 million closed sales in November. That’s 14.5 percent higher than November 2011. Sales are at the highest level since November 2009.
Lawrence Yun, NAR chief economist, said there is healthy market demand. “Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” Yun says. “With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes.”
The national median existing-home price for all housing types was $180,600 in November, up 10.1 percent from November 2011. This is the ninth-consecutive monthly year-over-year price gain, which last occurred from September 2005 to May 2006.
Total housing inventory at the end of November fell 3.8 percent to 2.03 million existing homes available for sale, which represents a 4.8-month supply at the current sales pace; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was 4.6 months.
Listed inventory is 22.5 percent below a year ago when there was a 7.1-month supply. Unsold inventory is now at the lowest level since December 2001, when there were 1.89 million homes on the market.
The median time on market for all homes was 70 days in November, 28.6 percent below 98 days in November 2011. Thirty-two percent of homes sold in November were on the market for less than a month.
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To read the full release from the National Association of REALTORS®, click here.
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