Friday, 16 November, 2018

Existing-Home Sales Surge to 11-Year High

US Existing Home Sales Jump To Nearly 11-Year High In November US existing home sales, prices surge in November
Elsie Buchanan | 22 December, 2017, 00:57

Sales of existing single-family homes in ME are on pace to hit an all-time high in 2017, after rising at double digits in November.

Single-family home sales grew 4.5 percent to a seasonally adjusted annual rate of 5.09 million in November from 4.87 million in October, and are now 3.2 percent above the 4.93 million pace a year ago. This marks the 69th straight month of year-over-year gains. The number of homes for sale stood at 63,916 in November, a decrease of 9 percent compared to November 2016.Additional data is available at http://www.nysar.com/industry-resources/market-dataEditor's Note: All data is compiled from multiple listing services in the state of NY and the data include townhomes, condominiums and existing single-family homes.

Existing home sales in the United States jumped 5.6 percent in November, reaching their highest sales rate in 11 years, the National Association of Realtors said on Wednesday. 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. Yet the demand has done little to resolve an increasing vulnerability of the USA real estate market as the number of listings has been declining on a yearly basis for two-and-a-half years.

Existing home sales account for 90% of the market and are calculated when a contract closes.

Shifting seasonal patterns could be at play. This latest reading is the best in just over 10 years.

Tehachapi children receive wishes from Salvation Army Angel Tree
Steven Wilson of the Fond du Lac Salvation Army. "We couldn't do this without the generosity of our donors and volunteers". Previous year more than 3,000 hampers were given out. "What a blessing is to have such a responsive community", said Capt.


Inventory remained a problem for the housing market and likely weighed on overall sales. The tides again seem to be shifting as we move into winter - traditionally a slow home shopping season, although that may be changing as more shoppers linger longer on the market. "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". There are 376,000 fewer single-family homes for sale in the United States compared to June 1982, but 35 million more American households - revealing the depth of the inventory crisis now facing today's home shoppers.

The median existing-home price for all housing types in November was $248,000, up 5.8% from November 2016.

Regionally, sales were up in the Midwest (8.4 percent from October), South (8.3 percent) and Northeast (up 6.7 percent) but fell 2.3 percent in the pricey and inventory-constrained West.

Sales in the West declined 2.3 percent. Year to date, single-family starts are 8.7% above their level over the same period last year. Single-family permits rose 1.4% to 862,000 units, the highest level since August 2007, while multifamily permits fell 6.4% to 436,000.

Aaron Terrazas is a Senior Economist at Zillow.

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