Prices Up 2.9%, Sales Down 11.2% Year Over Year
- Median sales price fell 4.2% in November over October, from $548,000 to $525,000. More significantly, it increased 2.9% since November 2022 when it stood at $510,000.
- The number of homes available for sale is down on a monthly and yearly basis, 9.8% and 30.7% respectively. Months of inventory, which is the number of months it would take for the current inventory of homes on the market to sell, rose to 1.9 months. The median number of days a property was on the market before getting into contract increased from 12 to 14, down from 23 days a year ago.
- Sales were down 16.7% in November compared to October but down 11.2% on a year over year basis.
Bottom Line:
Prices are higher than they were this time last year. Inventory remains extraordinarily low. With interest rates finally beginning to come down (currently sitting at a 4-month low), we will see start seeing buyers who have been sidelined by high rates jump into the market. This will put more upwards pressure on home prices. Buyers have a window of opportunity to get into contract before the spring market hits and prices escalate at a faster rate. Sellers, if you're thinking of selling in the spring, now is the time to start preparing your property for the market.