November was a strong month for home sales across the board. Latest reports are indicating that despite approaching the end of the autumn season, both new and existing home sales saw gains compared to October. Continue reading below for additional insights and statistics.
Existing-Home Sales See Humble Increase
According to the latest monthly report from the National Association of Realtors (NAR), existing-home sales rose by 1.9% in November 2021 compared to the previous month. Looking at absolute numbers, this equated to a seasonally adjusted rate of 6.46 million.
Despite the month to month increase in sales, this is actually a 2% decrease from November of 2020. November was also the third consecutive month of increasing home sales. Prices continued to rise, with November marking 117 months of consecutive year-to-year increases. The median price for existing-homes was $353,900, an increase of 13.9% from 2020. Increases in prices continue to be attributed to low inventory as well as supply chain issues.
New-Home Sales Take a Big Leap
The latest data from the the Department of Housing and Urban Development (HUD) and Census Bureau (CB) notes a 12.4% increase in new-home sales in November compared to the previous month. This increase equaled a seasonally adjusted rate of 744,000 units.
Similar to new-home sales, despite the month-to-month increase the number is still far below 2020’s numbers, coming in at a decrease of 14% compared to November 2020. For new-homes, the median sales price was $416,900 and the average sales price was $481,700.
The market continued to stay hot during the fall season, and there are few signs it will be slowing in the winter, so connect with your clients now to take advantage of the premium market conditions.