The economy is improving, unemployment is falling and the U.S. real estate market remains strong as we head into the holiday season — a period when activity typically slows as people take time to travel, celebrate and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.

New Listings
New listings decreased 19.5% for single family homes and 26.7% for townhouse/condo homes.

Pending Sales
Pending sales decreased 36.3% for single family homes and 45.7% for townhouse/condo homes. Inventory decreased 38.9% for single family homes and 45.2% for townhouse/condo homes.

Median Sales Price
Median sales price increased 12.7% to $930,000 for single family homes and 17.6% to $600,000 for townhouse/condo homes.

Days on Market

Days on market decreased 20% for single family homes and 36.7% for townhouse/condo homes.

Months Supply of Inventory
Months supply of inventory decreased 44.4% for single family homes and 50% for townhouse/condo homes.

The most recent data from the National Association of REALTORS® (NAR) reports the median single-family existing home sales price rose 16% in Q3 of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.

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[This report was provided by the Pacific Association of REALTORS® (PWR)]