Despite a continued seasonal slowdown in home sales, national home prices increased again between October and November, rising 2.2 percent in the month to a level 10.1 percent higher than November 2011. With sales and prices continuing to trend up from last year, it’s no surprise that home builder confidence has risen to a 6-year high, construction spending is climbing, mortgage applications have been trending up throughout 2012, and mortgage delinquencies are falling.
The key metrics across 19 major metropolitan markets are:
- November home sales were up 7.8% from a year ago, and down 14.8% from October. This was a larger drop than is usual for November (last year sales fell just 3.7%), but only because September to October saw an unusual month-to-month increase.
- Home prices in October increased 10.1% year over year, and were up another 2.2% month over month.
- The number of homes for sale declined 30.1% from November 2011 to November 2012 (increasing from the 29.4% drop in October), and declined by 6.5% since October.
- The percentage of listings that sold within 14 days of their debut was flat at 28.2% in November.
For the full report including data tables, charts, and a downloadable spreadsheet with historic data, visit the Real-Time Price Tracker in Redfin’s Research Center.