November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
New Listings were up 1.5 percent to 1,670. Pending Sales increased 40.3 percent to 1,842. Inventory shrank 52.7 percent to 2,853 units.
Prices moved higher as Median Sales Price was up 18.4 percent to $319,000. Days on Market decreased 22.2 percent to 42 days. Months Supply of Inventory was down 61.5 percent to 1.5 months, indicating that demand increased relative to supply.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.