Monday, December 19th, 2011, 2:45 pm
November home sales in the 53 largest metro areas rose 8.1% from last year, the fifth-straight month of increases from a year earlier.
Sales did fall 5.7% from the previous month, following a seasonal trend. The inventory of homes on the market dropped for the 17th straight month. Inventory is down 23.7% from last year.
Given the rate of sales, the national market currently holds a 7.8-month supply of homes, which is down from a 10-month supply last year. A market balanced by sellers and buyers usually holds a six-month inventory.
Home sales increased 31% in New Orleans, the most of the 41 metros that saw gains. With sales trending higher, Kelly expects prices to follow. Most banking analysts forecast prices to find a bottom sometime in 2012 before heading back up.
The median sales price of homes sold in November was $181,322, up 1.4% from the month before but down 4.2% from last year. Only nine of the 53 metros showed increases from November 2010 led by two cities in Florida. In Orlando, prices climbed 8.5% followed by a 6.1% increase in Miami.
Source: Housing Wire
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