November National Sales Report – Prices Remain Strong!

After 28 months of year-over-year increases in home sales, November saw
a 7.8% drop. The housing market appears to be making expected seasonal
adjustments, as the recovery is simultaneously impacted by a combination
of factors – rising interest rates, the government shutdown, mortgage
qualification difficulties, severe weather and seasonality. Mostly due to a
still tight supply of homes for sale, the November median home price of
$187,000 rose 13.7% over the price in November 2012. With the current
rate of home sales, the number of months necessary to sell the entire
inventory, or the Months Supply, inched higher to 5.4 months, very close
to the 6.0 supply that defines a market balanced equally between buyers
and sellers. The national inventory situation continues to move in the
right direction. The current 12.9% drop in inventory from November 2012
is less than half the annual inventory loss seen in April of this year.

 

Please contact us  to help you sell your home and find the home of your dreams!  We specialize in Laguna Beach, Newport Beach, Dana Point, San Clemente and our inland coastal communities.

Make it a great day!

Jeff

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