Median Sales Price Rises 23 Percent in November

Median Sales Price Rises 23 Percent in November

November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let's not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.

New Listings increased 13.3 percent to 9,003. Pending Sales were up 13.6 percent to 6,944. Inventory levels shrank 6.5 percent to 39,285 units.

Prices got a lift. The Median Sales Price increased 23.3 percent to $143,000. Days on Market was down 18.3 percent to 76 days. Absorption rates improved as Months Supply of Inventory was down 8.5 percent to 5.4 months.

Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays.

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