Many areas are reporting strong increases in November home sales, providing further evidence that a housing recovery is underway, here’s a sample:
Update/Breaking: Southern California’s housing market surged again last month, with the number of homes sold climbing more than 14% from a year earlier to their highest level for any November in six years. It was the 11th straight month of year-over-year increases. The median home price for the region was $321,000, up from $315,000 the two prior months and a nearly 17% increase over $275,000 in November of 2011.
1. Baltimore-area home sales rose 24% in November compared to last year, while median sales price increased 3.5%.
2. November home sales in the Washington, D.C. area increased by 21.5% compared to last year, median sales price increased 10.4% to highest November price since 2007.
3. Milwaukee-area home sales increased 24.2% in November, median sales price by 5.2%.
4. Des Moines home sales in November increased 20% from last year, while the average sales price increased by 10%, and sales volume by 32%.
6. Albuquerque home sales in November increased by 12.2% versus last year, median price increased 3.1%.
7. Savannah home sales increased by 31% in November compared to last year, average price jumped 30.2%.
8. Home sales in the Birmingham area increased 6.5% in November, median sales price increased 13.6%.
9. Pending home sales in Massachusetts were up 28.2% in November compared to last year, marking the 19th consecutive month of year-over-year increase in pending home sales.
10. Lumber prices continue on an upward trend, with spot prices for framing lumber ($362 per 1,000 board feet) and futures prices for CME lumber contracts ($345.60) rising close to 7-year highs last week.
Bottom Line: The ongoing increases in home sales month and after month, along with increases in both average and median home prices point to a U.S. housing recovery that is real, robust and sustainable.