Last month’s predictions that home sales would be stronger than previously anticipated came to fruition, with sales increasing 7.5 percent year-over-year in November, according to the most recent Real Trends Housing Market Report. That year-over-year gain is the strongest annual showing since June of this year, the real estate data provider said. However, the month-over-month results were more disappointing. Real Trends reported that the annualized rate of new and existing home sales in November was 5.721 million, which was up from November 2014’s rate of 5.245 million, but down significantly from the 6.366 million rate in October 2015. Meanwhile, the average price of homes sold showed only a slight increase of 0.5 percent from November 2014, which is among the lowest year-over-year increase in prices nationally since last year, Real Trends said. “Last month’s pending homes sales report indicated that sales would be stronger than had been previously expected...
- November's year-over-year home sales gains are the strongest the industry's seen since June, according to the most recent Real Trends Housing Market Report.
- However, the average price of homes sold showed only a slight increase of 0.5 percent overall, with the Northeast and Western regions reporting a slight price decline.
- The consensus still remains that we will see moderate increases in unit sales and prices next year.