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 were down 13.3 percent for single family homes and 13.7 percent for Condo/TIC/Coop properties. Pending Sales decreased 15.5 percent for single family homes and 0.7 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 20.4 percent to $975,000 for single family homes and 6.5 percent to $825,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 20.0 percent for single family units and 30.4 percent for Condo/TIC/Coop units.
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.
|November 2013||Median Price||Days on Market|
|Single-Family Homes||$975,000||34 Days|
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