{"id":18274,"date":"2020-12-28T14:21:10","date_gmt":"2020-12-28T14:21:10","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=18274"},"modified":"2020-12-28T14:21:10","modified_gmt":"2020-12-28T14:21:10","slug":"overall-home-sales-rise-nearly-26","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/overall-home-sales-rise-nearly-26\/","title":{"rendered":"Overall Home Sales Rise Nearly 26%"},"content":{"rendered":"

Overall Home Sales Rise Nearly 26%<\/h1>\n
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Some real estate pros are having their best year ever for home sales, despite the pandemic. Existing-home sales in November climbed 25.8% compared to last year, the National Association of REALTORS\u00ae reported Tuesday.<\/p>\n

Existing-home sales\u2014completed transactions on single-family homes, townhomes, condos, and co-ops\u2014did dip down by 2.5% in November compared to October\u2019s unseasonably high levels, however. The slight decrease last month ended a five-month streak of month-over-month gains. Still, all four major regions across the country posted significant year-over-year growth.<\/p>\n

\u201cHome sales in November took a marginal step back, but sales for all of 2020 are already on pace to surpass last year\u2019s levels,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cGiven the COVID-19 pandemic, it\u2019s amazing that the housing sector is outperforming expectations.\u201d<\/p>\n

A buyer frenzy for a limited number of homes for sale continued to press on many housing markets in November. Home prices are rapidly rising in response to the high demand, posting double-digit increases compared to a year ago, NAR reports.<\/p>\n

Despite the booming housing market, the pandemic continues to wreak havoc on the economy. Unemployment remains high, and rapidly rising\u00a0coronavirus cases mixed with stricter lockdowns are weakening consumer confidence.<\/p>\n

\u201cCircumstances are far from being back to the pre-pandemic normal,\u201d Yun says. \u201cHowever, the latest stimulus package and with the vaccine distribution underway, and a very strong demand for homeownership still prevalent, robust growth is forthcoming for 2021.\u201d<\/p>\n

6 Key Housing Indicators<\/strong><\/p>\n

Here\u2019s a closer look at findings from NAR\u2019s latest housing report:<\/p>\n

Home prices:<\/strong> Median existing-home prices in November were $310,800\u2014a 14.6% jump compared to a year ago. Prices rose in every region across the U.S.<\/p>\n

Inventories:<\/strong> Housing shortages abound with inventories falling to record lows. Total housing inventory declined annually in November to 1.28 million, reflecting 2.3 months at the current sales pace.<\/p>\n

Days on the market:<\/strong> Homes are selling faster. Seventy-three percent of homes sold in November were on the market for less than a month. Properties typically remained on the market for 21 days, down from 38 days a year ago. \u201cThe positive momentum that home sellers are seeing will carry on well into the new year,\u201d Yun says. He cited record-low mortgage rates (the 30-year fixed-rate mortgage averaged 2.77% in November)\u00a0and the growth in remote-work flexibilities as helping to propel that momentum well into the new year.<\/p>\n

First-time buyers:<\/strong> First-time buyers continue to face affordability challenges as home prices rise. First-time buyers made up 32% of sales in November, about equal to a year ago, NAR\u2019s data shows. \u201cHousing affordability, which had greatly benefited from falling mortgage rates, are now being challenged due to record-high home prices,\u201d Yun says. \u201cThat could place a strain on some potential consumers, particularly first-time buyers.\u201d<\/p>\n

Investors and second-home buyers:<\/strong> Individual investors and second-home buyers purchased 14% of homes in November, a small decline from 16% a year ago. Investors and second-home buyers tend to account for the largest share of cash sales. All-cash sales comprised 20% of transactions in November, unchanged from a year ago.<\/p>\n

Distressed sales:<\/strong> Foreclosures and short sales are hard to find in the current market. They made up less than 1% of sales in November, down from 2% a year ago.<\/p>\n

Regional Breakdown<\/strong><\/p>\n

Here\u2019s how existing-home sales fared across the country in November.<\/p>\n

Northeast:<\/strong> Existing-home sales dropped 2.2% to an annual rate of 880,000\u2014a 25.7% increase compared to a year ago. Median price: $354,100, up 17.4% annually.<\/p>\n

Midwest:<\/strong> Existing-home sales fell 2.5% to an annual rate of 1.59 million in November. However, that is up 24.2% from a year ago. Median price:$239,100, a 14.6% increase from November 2019.<\/p>\n

South:<\/strong> Existing-home sales decreased 3.8% to an annual rate of 2.82 million in November, up 25.9% from the same time last year. Median price: $270,000, a 15% increase from a year ago.<\/p>\n

West:<\/strong> Existing-home sales held steady last month recording an annual rate of 1.4 million in November, a 27.3% increase from a year ago. Median price: $467,600, up 13.8% from November 2019<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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National Association of REALTORS\u00ae<\/a><\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Overall Home Sales Rise Nearly 26% Some real estate pros are having their best year ever for home sales, despite the pandemic. Existing-home sales in November climbed 25.8% compared to last year, the National Association of REALTORS\u00ae reported Tuesday. Existing-home sales\u2014completed transactions on single-family homes, townhomes, condos, and co-ops\u2014did dip down by 2.5% in November … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-18274","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nOverall Home Sales Rise Nearly 26% - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/overall-home-sales-rise-nearly-26\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/overall-home-sales-rise-nearly-26\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/overall-home-sales-rise-nearly-26\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Overall Home Sales Rise Nearly 26%\",\"datePublished\":\"2020-12-28T14:21:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/overall-home-sales-rise-nearly-26\\\/\"},\"wordCount\":658,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/overall-home-sales-rise-nearly-26\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/overall-home-sales-rise-nearly-26\\\/\",\"name\":\"Overall Home Sales Rise Nearly 26% - 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