U.S. prices appear to be more sustainable than they were a decade ago. Since then, the country's population has increased by over 20 million and total gross income is up by roughly 25%. When adjusted for inflation, U.S. home prices remain more than 20% below their 2006 peak levels. And new home construction in the U.S. is rebounding from its post-crisis lows but remains below long-term historical averages.
A few real estate numbers and trends that are being tracked for 2016: Below are statistics and graphs tracked by Keller Williams Capital Properties.
Home prices increased slightly in November to $220,300 according to NAR. This was an increase of 0.5% from October and a year-over-year increase of 6.3%. As we move into the winter months, expect to see some seasonal mitigation on prices; however, year-over-year gains will likely remain strong.
Home sales declined year-over-year for the first time in 2015. Homes sold at a seasonally adjusted annual rate of 4.8 million homes in November, a decrease of 10.5% from October and a decrease of 3.8% from the same month last year.
The actual number of homes for sale in November was down 2% compared to the same
month of the previous year. This led to the months supply of inventory, which measures the relationship between supply and demand, to rise to 5.1 months due to the drop in sales.
Overall: If you're looking to sell, now might be a good time to enter the market. Lastly, according to Freddy Mac, the national average for a 30 year fixed mortgage is down from last month to 3.96%.
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