Will The Wild Ride Continue?

A slight concern is developing due to November witnessing Active inventory setting a record high for the 4th consecutive month. There was a total of (355) of which (259) were New Homes and (96) were Resales. However, this is moderated by the fact that they are building so many New Homes. Yet, at some point, Sales Activity needs to keep pace. So, the “Months of Inventory” becomes an important trend to keep an eye on.  That’s because, as Days on Market increases, it puts downward pressure on Sales Prices.

RESALES: ​

October results were not very favorable, and November saw little improvement. Average Sales Price declined again and is 7.6% less than the 4-month moving average. Average Price Per Square Foot also dropped by 5.5%. Good news that both the number of homes Sold increased and the Months of Supply decreased from October, yet they are still down from the 4-month moving average.

NEW HOMES:  ​

Just like October, November results were consistent with the previous 4-months. Sales Prices and Price Per Square Foot both mirrored the 4-month moving average. Although both the number of homes Sold and the Months of Supply were not as rewarding as October, they were better than the 4-month average.