November market reports from the National Association of Realtors show that the inventory of homes for sale is down, and that the median sale price for homes is up, when compared to last year. The reports also show that the number of pending homes (home under contract) is up 3.9% over last year.
“New and existing-home supply has struggled to improve, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets.” – National Association of Realtors
“Lawrence Yun, NAR’s Chief Economist, expects demand to remain stable through the final two months of the year, and “forecasts existing-home sales to finish 2015 at a pace of 5.30 million – the highest since 2006.” – National Association of Realtors
Mortgage rates generally remain below 4%, so this also helps to keep the market healthy, by making borrowing more affordable. If you are thinking of selling, now may be a good time.
The two videos below offer discussion of the reports:
The post Market Statistics: Demand Up, Supply Down appeared first on Suzie & Ed, Diane Turton, Realtors.