November 2016 Home Sales Part One

North Raleigh Real EstateReady to learn more about the housing market this year? Sales have been exciting so far during the last half of the year so we hope things continue to look upward now through the end of the year, as well as into 2016!

It's time to take a look at the current state of our U.S. housing market for November 2015. Unfortunately, sales decreased significantly last month, compared to previous ones. In reality, the drop was the biggest over the past 19 months.

While it might seem like the market is going to head south from this point on, it seems that the decline happened due to a rise in closing time-frames. Buyers or sellers actually pushed their transactions back to December, instead of moving forward in November, as they should have.

Below, you'll find more information, according to realtor.com, regarding November 2016's existing home sales.

Home Sales | North Raleigh Real Estate

  • Total existing-home sales (completed transactions that include single-family homes, townhomes, condominiums and co-ops) fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November.
  • This is lowest since April 2014 at 4.75 million.
  • It fell from a downwardly revised 5.32 million in October.
  • After last month's decline (largest since July 2010 at 22.5 percent), sales are now 3.8 percent below a year ago.
  • This is the first year-over-year decrease since September 2014.

 

More Information | North Raleigh Real Estate

  • The median existing-home price for all housing types in November was $220,300.
  • That is 6.3 percent above November 2014 ($207,200).
  • November's price increase marks the 45th consecutive month of year-over-year gains.
  • Total housing inventory at the end of November decreased 3.3 percent to 2.04 million existing homes available for sale.
  • It is now 1.9 percent lower than a year ago (2.08 million).
  • Unsold inventory is at a 5.1-month supply at the current sales pace, up from 4.8 months in October.

We hope this news doesn't affect your decision to buy or sell your home soon. As we stated above this decline is likely due to transactions for November being pushed to December. For more information about last month's home sales, visit back with our blog, soon.

With the lower interest rates, less cash paying competitors and increased sales, overall, it's a great time for buyers to really consider purchasing a home before the end of this year. With time left to search, as well as sell current homes, now's a great time to contact our North Raleigh real estate agent!

Roark Premier Team | North Raleigh Real Estate

Also, if you’re considering selling your home soon, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market. We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived. So what are you waiting for? Call now! Our North Raleigh real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!

For more information, visit with other blogs in this three part series, below:

  • November 2015 Home Sales Part One
  • November 2015 Home Sales Part Two
  • November 2015 Home Sales Part Three

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