Carpe Diem

A few factoids from today’s report on existing-home sales

A few highlights from today’s report on existing-home sales from the National Association of Realtors:

1. The median sales price of $180,600 for homes sold in November was the highest median price for the month of November since 2007.

2. Total housing sales volume in November of $88.8 billion was 26% above a year ago, based on an increase in the average sales price of 9.1% in November and an increase in home sales of 15.5%.

3. Home sales in November of 5.04 million units was higher than home sales in November 2007 of 4.46 million units.

4. The median sales price in November increased by 10.1%, which was the third consecutive month of a double-digit price increase, which last occurred in late 2005.  It was also the ninth consecutive monthly year-over-year price gain, which last occurred from September 2005 to May 2006.

13 thoughts on “A few factoids from today’s report on existing-home sales

  1. I’m amazed (no, not really) that people tout Rising house prices as good. It’s NOT good for anybody but the tax guy. Cities get to get more money when more expensive houses are taxed, but it helps nobody else, but maybe the realtors who get a percentage commission.
    If you sell a house cheaper, you’re likely to buy a house cheaper, too, so you SAVE MONEY.
    (yeah, it “hurts” somebody who bought high and is trying to get rid of a house such as when the owner was a relative who died, but I doubt that’s very often and NOT enough to counter that cheaper is better for almost ALL the rest)

      • He’s just another conspiracy theorist. If it doesn’t conform with their world view, the numbers must be manipulated. Just like those claiming the BLS fudged the employment numbers so Obama would win again.

        People like that are probably the only ones keeping the tin foil industry in business right now.

        • No one and nobody nohow ever manipulates anything throughout recorded history – guaranteed.

          And the BLS didn’t hide anything – government employee counts went from 20.66 million to 22.324 million between July and Sept. (22.32 million in Feb), and I’m like totally sure it didn’t affect the election either.

          Magic is in the eye of the beer holder.

        • I’m not really sure you can classify this as a bubble. While prices are improving, they remain well below the pre-recession level.

          While housing starts are improving, they remain some 64% below the pre-recession level.

          Rates look high because they are coming off very deep lows.

          This is an improving market, not a bubble.

  2. A few other statistics regarding this housing report.

    The October-to-November rise was the 4th strongest on record. Typically, Sales have a range of -1.6% to 2.0% growth on November. This year, they rose 5.9%.

    The 5.04 million units sold in November was 14.5% above last year, and the highest single month total in over three years.

    On an annual basis, Sales have averaged 4.6 million units/mo over the past year, an 8.2% gain from this time last year and the highest average in 28 months.

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