Our previous blog covered some of the positive trends in new home sales and an overall healthy 2016 real estate market. Similar trends have developed for existing home sales in 2016. In fact, existing home sales up 3 consecutive months, as of November makes for some positive prospects in 2017.
The uptick in November registers at 0.7%. Not bad for the month’s activity. Also, a surge in existing home sales in the northeast and some in the South contributed to the uptick. What’s more, the November gains in sales represents the highest since February 2007. Also, it equals 15.4% higher than a year ago. Note that the existing home sales data includes single-family homes, townhomes, condos and co-ops.
Existing Home Sales Up 3 Consecutive Months as of November
Many pundits are calling the existing home sales up 3 consecutive months a testament to a healthy 2016 market. They also point to the fact that new home sales spiked in November. In addition, they attribute some of the increases to home buyers jumping on low interest rates. Since they expect rates to go up again soon, that makes perfect sense.
On the supply side, existing home inventory has declined. In fact, it is down 9.3% compared to a year ago. That fact drives some of the current home prices out of range of incomes in much of the country. Even so, first time home buyers enjoyed some success in November. Figures show them making up 32% of the sales. That’s up from 30% last year.
The winter months see fewer homes available and fewer buyers. Although, home buyers should take note. Mortgage rates and prices are expected to rise as the year goes on. As a result, the first couple of months in 2017 have all the earmarks of a great time to close on a home.
Find out about buying a home now in San Mateo County. San Mateo County homes for sale include a fair amount of inventory, variety and price range. Get the details from a San Mateo County real estate expert today.