So, here we go again. In November, we see some trends continuing from October, specifically, a significant reduction in inventory and a modest increase in closed sales. New listings are down more than 8% and, unfortunately, median sales prices are also down again, nearly 8%.
On the upside, housing affordability is strong, and the percent of original list price that buyers are receiving is going up (perhaps due to the fact that seller’s are truly understanding what it will take to sell in this market). Another interesting statistic to note is the price range with the strongest sales. In November, it was homes priced between $500,000 and $999,999.