Pending sales were down -12.2% in November (compared to November 2019). The average sales price increased +20.6%, a very healthy climb. However, months supply of inventory is way down again, a whopping -46.2%. This stat changed more than any other. There is only a 1.4 month supply of inventory, which is extremely low, and indicates a strong sellers market.
November saw the Dow Jones Average reach 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of the year.
All data from Triad MLS. Report © 2020 ShowingTime.