The economy is improving, unemployment is falling, and the U.S. real estate market remains strong during a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
New listings increased 1.1 percent for residential homes but decreased 5.1 percent for townhouse/condo homes. Pending sales increased 3.1 percent for residential homes and 11.0 percent for townhouse/condo homes. Inventory decreased 25.8 percent for residential homes and 33.1 percent for townhouse/condo homes.
Median sales price increased six percent to $250,000 for residential homes but remained flat for townhouse/condo homes. Days on market decreased 23.5 percent for residential homes and 8.3 percent for townhouse/condo homes. Months supply of inventory decreased 29.4 percent for residential homes and 40.9 percent for townhouse/condo homes.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.