Prices
■ The median existing-home price for all housing types in November was $370,700. This represents an increase of 3.5% from November 2021 of $358,200, representing the 129th consecutive month of year-over-year increases.
First-Time Buyers Step-In
■ There was an increase in the percentage of first-time buyers in the market, who represented 28% of sales in November. This was unchanged from October, but up from 26% reported in November 2021.
National Single-Family Sales
■ Single-family home sales declined down 7.6% to an adjusted annual rate of 3.65 million in November, down from 3.95 million in October and 35.2% from the same time in 2021.
Northeast Region
■ Existing-home sales in the Northeast also fell by 7.0% from October to an annual rate of 530,000 in November and falling 28.4% from November 2021. The median price in the Northeast was $394,700, increasing by 3.5% from 2021.
Distressed Sales
■ Distressed sales, which includes foreclosures and short sales, represented just 2% of sales in November, which is unchanged from October and from 2021.
All-Cash Sales
■ All-cash sales represented just 26% of transactions in November, the exact percentage reported in October, but up from 24% recorded in 2021.
Days On Market
■ Properties remained on the market for 24 days in November, which is up more than 10% from October’s 21 days on market, and up from 18 days in November 2021. Still, nearly two-thirds of homes going on the market typically sell in less than a month.
These figures are derived from the National Association of Realtors.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/