November Home Sales Surge, October Numbers Down - pymnts.com

The number of U.S. single-family homes sold in November increased from previous rates, but at the same time, the number from October turned out to be lower than previously reported, according to a Reuters report.

According to the Commerce Department, the rate of new homes sold rebounded 1.3 percent, which brought the number up to an annual rate of 719,000. That number was bolstered by especially strong gains in the Northeast and West regions.

Also, while October’s gains were reported as 730,000 initially, another analysis retroactively decreased the number to 710,000.

Housing markets can often be volatile, as they are determined by permits drawn from month to month.

Recently, the market has been recovering after the Federal Reserve cut interest rates three times this year, which had the effect of pushing down mortgage rates from record highs in other recent years.

This year’s numbers surged 16.9 percent as opposed to the same time last year, and market confidence had reached levels not seen since 1999.

Single family building permits, meanwhile, saw their highest rates since 2007.

There are problems, though, as land and labor shortages have limited the ability of developers to make more affordable homes. Because of that, the gains for that sector haven’t seen much of an increase. The affordable housing sector is one of the most viable.

The median price for a new house went up 7.2 percent in November from the same time in 2018. Last month, the sales were mostly in the range of $200,000 to $400,000. Homes below $200,000 only accounted for 10 percent of sales.

Those in the home sales business are beginning to cater more to millennials. The market still has a gap between supply and demand, with too few houses to accommodate all the people who want them. One prediction from Realtor.com’s National Housing Forecast said that in 2020, home growth is likely to flatten, to a rate of 80 basis points.

The projections say that demand will likely struggle, as the inventory shortage will still not be enough to meet the mass demands.

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