DECEMBER 2011 - Volume 40
November Home Sales Higher than
Last Year: Prices Continue Stabilizing
November home sales were 8.1% higher than sales in November 2010,
according to The RE/MAX Monthly Housing Report, a survey of housing
data from 53 metropolitan areas. November is the 5th consecutive month
to show a year-over-year sales increase. At the same time, the number of
homes for sale, or inventory, continued to fall for the 17th straight month.
November home prices were 1.4% higher than October, making the 5th
month in 2011 that prices have risen month-to-month. However, home
prices remained 4.2% lower than prices in November last year.
TRANSACTIONS SALES PRICE
UP 8.1% DOWN 4.2%
In November, Closed Transactions were
5.7% lower than October transactions,
which reflects the normal seasonal trend.
However, November transactions were
8.1% higher than those seen in November
one year ago. For the last five months,
transactions have been higher than what
was reported in 2010 for the same period.
Of the 53 metro areas included in the
survey, 41 saw increased sales over
November 2010, including: New Orleans,
LA +31.0%, Nashville, TN +30.1%,
Wilmington, DE +28.0%, Omaha, NE
+ 25.9%, and Seattle, WA +23.4%.
MEDIAN SALES PRICE
NOV 2011 - $181,322
NOV 2010 - $189,353
MEDIAN SALES PRICE
The Median Sales Price of homes sold in
November was $181,322, which is 1.4%
higher than the price in October. During
2011 prices have risen in five months and
declined in six, not demonstrating a clear
trend in either direction. Home Prices for
November were 4.2% lower than what was
seen in November 2010. In this month’s
survey of 53 metro areas, 33 showed price
increases from October, while 9 reported
increases over November last year,
including: Orlando, FL +8.5%, Miami, FL
+6.1%, Detroit, MI +5.9%, Houston, TX
+2.6%, and Denver, CO +2.3% .
DAYS ON MARKET – AVERAGE OF 53 METRO AREAS
The average Days on Market for homes sold in
November was 97, just 2 days higher than the
average of 95 reported in October, and 4 days
higher than the average seen in November 2010.
Only two months in 2011 saw a Days on Market
below 90. July and September both reported 88,
which represents the lowest average seen in the
last 12 months. Days on Market is the number of
days between first being listed in an MLS and
when a sales contract is signed.
MONTHS SUPPLY OF INVENTORY – AVERAGE OF 53 METRO AREAS
For the 17th straight month, the November
inventory of homes-for-sale fell. The average
inventory of homes-for-sale in the 53 metro
areas surveyed dropped 8.3% from October and
23.7% from November last year. Given the
current rate of sales, and the active inventory,
the resulting Months Supply is 7.8, just slightly
higher than the 7.7 reported last month, but
significantly lower than the 10 month supply
seen in November 2010. Months Supply is the
number of months it would take to clear a
market’s active inventory at the current rate of
sales. A six-month supply is considered a
balanced market between buyers and sellers.
For specific data on the 53 metropolitan areas in this report or to request an interview, please call (303) 796-3667.
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The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on
MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the
largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the
specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.
Transactions are the total number of closed residential transactions during the given month. Month’s Supply of Inventory is the total number of residential
properties listed for sale at the end of the month (active inventory) divided by the number of sales contracts signed (pended) during the month. Where
“pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is
listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median price of all residential
properties sold during the month.
MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be
guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report
re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.
© copyright 2011 RE/MAX, LLC.