November real estate transactions were 8.1% higher than those seen in November one year ago

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." 

Transactions – Year-Over-Year Change

In November, Closed Transactions were 5.7% lower than October transactions, which reflects the normal seasonal trend.   However, November real estate transactions were 8.1% higher than those seen in November one year ago.  For the last five months, transactions have been higher than what was reported in 2010 for the same period.  Of the 53 metro areas included in the survey, 41 saw increased sales over November 2010, including:   New Orleans, LA  +31.0%,  Nashville, TN +30.1%, Wilmington, DE +28.0%, Omaha, NE + 25.9%, and Seattle, WA  +23.4%.  

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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