November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
New listings increased 6.2 percent for residential homes and 17.5 percent for townhouse/condo homes. Pending sales increased 22.7 percent for residential homes and 9.6 percent for townhouse/condo homes. Inventory decreased 37.3 percent for residential homes and 6.6 percent for townhouse/condo homes.
Median sales price increased 20.6 percent to $237,500 for residential homes and 9.1 percent to $174,500 for townhouse/condo homes. Days on market decreased 26.1 percent for residential homes and 25 percent for townhouse/condo homes. Months supply of inventory decreased 40.7 percent for residential homes and 4.3 percent for townhouse/condo homes.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
