US Existing-Home Sales Jumped in November
- Author: Eleanor Harrison Dec 21, 2017,
Dec 21, 2017, 0:52
Median home prices saw their 69th consecutive increase, rising 5.8 percent over November of previous year to $248,000.
"The near-record number of home sales in November continues to show that buyer enthusiasm remains strong even in the face of ongoing price growth", said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS.
Existing home sales in the USA grew in the month of November on a sequential basis. This is consistent with the fall in inventories, which dropped lower to 1.72 million on a seasonally adjusted basis, the lowest level since the inception of the series.
"The anticipated rise in mortgage rates next year could further cut into affordability if these staggeringly low supply levels persist", Yun said. It's the fourth consecutive month distressed sales have dropped. The national median sale price was up 5.4 percent from November 2016 to $248,800. Wages are growing consistently and low mortgage interest rates are keeping homes affordable - and those fundamentals look set to continue into 2018, keeping home buying demand high. In Cumberland County, sales were up 7.98 percent to 1,164 and the median price rose as well by 5.45 percent to $279,450.
"With low unemployment rates, favorable demographics and a tight supply of existing-home inventory, we can expect continued upward movement of the single-family construction sector next year", said NAHB chief economist Robert Dietz.
Builder confidence in the market for new homes increased five points to 74 in December, the highest report since July 1999, the National Association of Home Builders said Tuesday.
"It is highly likely that existing sales would have been much stronger in 2017 if supply had been more abundant", said David Berson, Nationwide chief economist. The introduction of preliminary tax reform plans earlier in the month - which included changes to several existing tax policies beneficial to many current homeowners - may have pushed up sales, encouraging some buyers to push purchases forward in order to be grandfathered in to existing laws. Sales in the Northeast were particularly strong, up 6.7 percent in November, with the median price up 4 percent to $273,600.