HAR Report: For a pre-pandemic perspective, November sales are down 8.4 percent compared to November 2019, when a total of 6,359 single-family homes sold. The median price then was 27.4 percent lower, at $241,000, and the average price, at $297,070, was 26.4 percent lower. Sales are 7.3 percent behind where they were five years ago, in November 2017, when volume totaled 6,285. Back then, the median price was $225,000 and the average price was $282,936 – reflecting pricing jumps of 47.6 percent and 42.6 percent, respectively.
Days on Market, or the actual time it took to sell a home, grew from 35 to 48 days. Months supply registered 2.9 months compared to 1.5 months a year earlier. That is the greatest months supply of homes since July 2020. The current national supply stands at 3.3 months, as reported by NAR.