The tight inventory of homes for sale has been a persistent challenge for some time now. With this said, it is not stopping buyers from searching for properties. According to the latest data from the National Association of Realtors®, existing home sales recorded a seasonally adjusted annual rate of 6.46 million in November. Although this equated to a 1.9% increase over the month of October, it is still an overall decrease of 2.0% when compared to last year. Overall, we are seeing buyers remain persistent in their home search despite the inventory challenges. With mortgage rates predicted to increase, more buyers are trying to find a home now in order to lock in current rates.
November 2021 Housing snapshot
- Seasonally adjusted annual rate of home sales: 6.46 million units (month-over-month increase of 1.9%; year-over-year decrease of 2.0%)
- Inventory of homes for sale: 2.1 months (as compared to 2.3 months in November 2020)
- Median sales price: $353,900 (up 13.9% year-over-year)
All regions throughout the country posted year-over-year declines in home sales, except for the south region.
- South: Existing-Home Sales: 2.85 million (+1.1% year-over-year); Median Price: $318,900 (+18.4% year-over-year)
- Midwest: Existing-Home Sales: 1.52 million (-0.7% year-over-year); Median Price: $260,100 (+9.0% year-over-year)
- West: Existing-Home Sales: 1.33 million (-3.6% year-over-year); Median Price: $507,200 (+8.4% year-over-year)
- Northeast: Existing-Home Sales: 760,000 (-11.6% year-over-year); Median Price: $372,500 (+4.7% year-over-year)
Looking ahead, supply-chain disruptions and labor shortages will continue to hamper new home construction. Therefore, new home construction will not be able to alleviate the inventory shortage to the extent that many would like to see. As a result, home prices are expected to still increase due to the historically low inventory combined with continued home buyer demand. Although the current real estate market presents certain challenges for home buyers, you can still find success if you hire the right team members.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!