(HAR report): Single-family home prices set new November highs. The median price (the figure at which half of the homes sold for more and half sold for less) rose 2.5 percent to $240,900 while the average price edged up 1.1 percent to $297,831. Despite the record prices, pricing increases in general have shown moderation as the end of the year draws closer.
Inventory was unchanged in November, holding steady at a 3.8-months supply. That is the first time this year that the market saw no growth in the supply of homes, which is not uncommon during the holidays when fewer homes are traditionally listed for sale.
Sales of all property types increased 2.1 percent in November, totaling 7,577 units. Total dollar volume rose 3.4 percent to $2.2 billion.
“The end of the year typically brings a slower pace of home sales, so we welcome another month of gains and attribute it to continued low interest rates in a market that has added more than 80,000 jobs over the past year, according to the Texas Workforce Commission,” said HAR Chair Shannon Cobb Evans with Better Homes and Gardens Real Estate Gary Greene.
The 30-year fixed mortgage rate averaged 3.68 percent during the week ending December 5, according to figures released by Freddie Mac. Compared to a year ago, mortgage rates were more than a full percentage point lower. During the same week last year, the 30-year fixed-rate mortgage averaged 4.75 percent.
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