The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, 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.
• Single Family Closed Sales were down 14.1 percent to 7,227.
• Townhouse-Condo Closed Sales were down 1.2 percent to 2,373.
• Adult Communities Closed Sales were down 16.5 percent to 644.
• Single Family Median Sales Price increased 8.6 percent to $440,000.
• Townhouse-Condo Median Sales Price increased 5.0 percent to $315,000.
• Adult Communities Median Sales Price increased 14.9 percent to $300,000.
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) Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.