Nationwide Home Sales Update
Nationwide Home Sales Update
NOVEMBER 2016
The National Association of Realtors (NAR) recently released a nationwide home sales update for the entire country. Overall, the housing market activity rose for the third straight month. Existing home sales increased 15.4 percent from a year ago.
Additionally, the national median existing-home price for all housing types was $234,900 in November, up 6.8 percent from a year ago.
Regionally, the South led the country for growth in prices. The South was up 9.2 percent. For more information about Southwest Florida, contact me for a detailed market report or view Naples Golf Guy’s most recent Market Report at your leisure. The west also showed significant growth increasing 8.5 percent, and the Midwest followed with a 6.5 percent increase. Finally, the Northeast showed the slowest growth at only 3.3 percent when compared to November of last year.
Also, all four regions showed double digit increases in sales from a year ago.
- West increased 19 percent
- Midwest increased 18.8 percent
- Northeast increased 15.7 percent
- South increased 11.6 percent
On the other hand, November’s inventory figures were down 8 percent from October. Unfortunately, at 1.85 million homes for sale, the level inventory remains below historical averages. Overall inventory was down 9.3 percent versus November of 2015. In addition to inventory being low, the average days on market fell from 54 days to 43 days.
Single-family sales declined 0.4 percent while condos inclined 10 percent compared to last month. Single-family home sales inclined 16.2 percent and condo sales were also strong up 10 percent compared to a year ago. Both single-family and condos had an increase in price with single-family up 6.8 percent at $236,500 and condos up 5.8 percent at $222,600 from November 2015.
View Full Nationwide Home Sales Update
Finally, buying a home in a Southwest Florida is more complex than a typical home purchase. There are many hidden fees, different community membership fee models, and vastly different demographics.
So if you are looking for information about a specific community in Bonita Springs, Estero or Naples, contact me and I will prepare a custom market report for you. I can help provide the market information and more importantly, provide insights to help ensure you select the best community to match your needs.
