The average inventory of homes-for-sale in the 53 metro areas surveyed dropped 8.3% from October and 23.7% from November last year.

November home sales were 8.1% higher than sales in November 2010, according to The RE/MAX Monthly Housing Report, a survey of housing data from 53 metropolitan areas.   November is the 5th consecutive month to show a year-over-year sales increase.  At the same time, the number of homes for sale, or inventory, continued to fall for the 17th straight month.  November home prices were 1.4% higher than October, making the 5th month in 2011 that prices have risen month-to-month.  However, home prices remained 4.2% lower than prices in November last year. 

"This market is trying hard to stabilize itself with home sales significantly stronger than one year ago, even though we are entering the holiday season when sales traditionally decline,"  said Margaret Kelly, CEO of RE/MAX, LLC.  "With sales trending higher and inventory falling, we would expect the result to be rebounding prices when we enter the stronger selling season next spring and summer." 

Months Supply of Inventory – Average of 54 Metro Areas

For the 17th straight month, the November inventory of homes-for-sale fell.  The average inventory of homes-for-sale in the 53 metro areas surveyed dropped 8.3% from October and 23.7% from November last year.  Given the current rate of sales, and the active inventory, the resulting Months Supply is 7.8, just slightly higher than the 7.7 reported last month, but significantly lower than the 10 month supply seen in November 2010.  Months Supply is the number of months it would take to clear a market's active inventory at the current rate of sales.  A six-month supply is considered a balanced market between buyers and sellers.

To view the complete stats by RE/MAX, go to RE/MAX November Housing Report

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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