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Existing Home Sales Fall in November
Existing Home Sales Fall in November
Existing Home Sales Fall in November
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December 28, 2012 (Jeff Alan)

Monthly sales of existing homes fell for the third time in the last four months in November but stayed well above last year’s levels according to RE/MAX’s monthly National Housing Report (NHR) while dwindling inventories resulted in an increase in home prices.

November followed October’s 5.4 percent monthly gain in closed transactions with a 7.2 percent decline. Homes sales for the month were still 15.7 percent higher than in November of 2011, marking the 17th consecutive month that home sales have increased year-over-year.

Fifty out of the 53 metro areas in the report posted year-over-year increases in closed transactions, up from 48 in October. Providence, RI (+62.6%), Burlington, VT (+50.8%), Manchester, NH (+38.8%), Nashville, TN (+35.7%), and Tampa, FL (+35.1%) recorded the highest year-over-year gains in closed transactions in November.

The median sales price of the homes sold in November was 3.1 percent higher than in the previous month of October, increasing from $158,900 to $163,750. The median sales price was 6.9 percent higher than the median price of $153,225 in November of 2011. It was the tenth consecutive month that home prices have increased year-over-year following 18 months of declines.

Fifty-one of the 53 metro areas posted higher sales prices in November than they did a year earlier, up from 48 the previous month. The areas that posted the largest price gains during the month were Phoenix, AZ (+34.8%), Atlanta, GA (+25.7%), Tampa, FL (+23.7%), Las Vegas, NV (+20.1%) and Detroit, MI (+19.7%).

Housing supplies continued to dwindle with the average monthly inventory of homes for sale declining by 8.0 percent from October and 29.1 percent from November 2011. It was the 29th consecutive month that the supply of homes for sale has declined.

Although the housing inventory continued to decline, the drop in sales increased the average month’s supply of homes for sale from a revised 5.2 months supply of homes in October to a 5.5 months supply in November but still down from a 7.8 months supply in November of last year.

The average number of days it took for a home to sell remained low at 82 days in November, unchanged from October, but still lower than the 97 days it took a year ago.

Tags: home sales, home prices, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

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Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools
Mortgage
Calculator
Estimate your monthly mortgage payment
Auto Loan
Calculator
Determine how much car you can afford before buying
Learn About
Mortgage Loans
Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison
Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates
See today's mortgage rates. Shop, compare and save.

December 28, 2012 (Jeff Alan)

Monthly sales of existing homes fell for the third time in the last four months in November but stayed well above last year’s levels according to RE/MAX’s monthly National Housing Report (NHR) while dwindling inventories resulted in an increase in home prices.

November followed October’s 5.4 percent monthly gain in closed transactions with a 7.2 percent decline. Homes sales for the month were still 15.7 percent higher than in November of 2011, marking the 17th consecutive month that home sales have increased year-over-year.

Fifty out of the 53 metro areas in the report posted year-over-year increases in closed transactions, up from 48 in October. Providence, RI (+62.6%), Burlington, VT (+50.8%), Manchester, NH (+38.8%), Nashville, TN (+35.7%), and Tampa, FL (+35.1%) recorded the highest year-over-year gains in closed transactions in November.

The median sales price of the homes sold in November was 3.1 percent higher than in the previous month of October, increasing from $158,900 to $163,750. The median sales price was 6.9 percent higher than the median price of $153,225 in November of 2011. It was the tenth consecutive month that home prices have increased year-over-year following 18 months of declines.

Fifty-one of the 53 metro areas posted higher sales prices in November than they did a year earlier, up from 48 the previous month. The areas that posted the largest price gains during the month were Phoenix, AZ (+34.8%), Atlanta, GA (+25.7%), Tampa, FL (+23.7%), Las Vegas, NV (+20.1%) and Detroit, MI (+19.7%).

Housing supplies continued to dwindle with the average monthly inventory of homes for sale declining by 8.0 percent from October and 29.1 percent from November 2011. It was the 29th consecutive month that the supply of homes for sale has declined.

Although the housing inventory continued to decline, the drop in sales increased the average month’s supply of homes for sale from a revised 5.2 months supply of homes in October to a 5.5 months supply in November but still down from a 7.8 months supply in November of last year.

The average number of days it took for a home to sell remained low at 82 days in November, unchanged from October, but still lower than the 97 days it took a year ago.

Tags: home sales, home prices, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use
Helpful Tools

December 28, 2012 (Jeff Alan)

Monthly sales of existing homes fell for the third time in the last four months in November but stayed well above last year’s levels according to RE/MAX’s monthly National Housing Report (NHR) while dwindling inventories resulted in an increase in home prices.

November followed October’s 5.4 percent monthly gain in closed transactions with a 7.2 percent decline. Homes sales for the month were still 15.7 percent higher than in November of 2011, marking the 17th consecutive month that home sales have increased year-over-year.

Fifty out of the 53 metro areas in the report posted year-over-year increases in closed transactions, up from 48 in October. Providence, RI (+62.6%), Burlington, VT (+50.8%), Manchester, NH (+38.8%), Nashville, TN (+35.7%), and Tampa, FL (+35.1%) recorded the highest year-over-year gains in closed transactions in November.

The median sales price of the homes sold in November was 3.1 percent higher than in the previous month of October, increasing from $158,900 to $163,750. The median sales price was 6.9 percent higher than the median price of $153,225 in November of 2011. It was the tenth consecutive month that home prices have increased year-over-year following 18 months of declines.

Fifty-one of the 53 metro areas posted higher sales prices in November than they did a year earlier, up from 48 the previous month. The areas that posted the largest price gains during the month were Phoenix, AZ (+34.8%), Atlanta, GA (+25.7%), Tampa, FL (+23.7%), Las Vegas, NV (+20.1%) and Detroit, MI (+19.7%).

Housing supplies continued to dwindle with the average monthly inventory of homes for sale declining by 8.0 percent from October and 29.1 percent from November 2011. It was the 29th consecutive month that the supply of homes for sale has declined.

Although the housing inventory continued to decline, the drop in sales increased the average month’s supply of homes for sale from a revised 5.2 months supply of homes in October to a 5.5 months supply in November but still down from a 7.8 months supply in November of last year.

The average number of days it took for a home to sell remained low at 82 days in November, unchanged from October, but still lower than the 97 days it took a year ago.

Tags: home sales, home prices, seasonal trends, closed transactions, median sales price

Source:
RE/MAX

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Information You Can Use

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