The 2015 housing market continued it’s seasonal cool down in November. But with sales dropping 22.6% from October, nearly double the eight-year average of 12%, the market was chillier than expected. Some are attributing the slowdown to new closing procedures introduced nationally in October. Still, the numbers in the December 2015 RE/MAX National Housing Report show the market remains stronger than it was a year ago. After all, the Median Sales Price, down month-over-month, was still 4.1% higher than November 2014 and the year-over-year Median Sales Price has now risen for 46 consecutive months.
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What this means for home sellers:
November is the third month in 2015 with lower home sales than one year ago (a 1.4% decrease from November 2014). With homes on the market an average of three days longer than October, it seems that buyers are following their usual pattern of hibernating for the winter. If you are thinking about selling your home in the spring, now is the time to start planning your strategy with a professional. For those with a shorter timeline, there are still tricks of the trade to move your home quickly, even in the slower months. Contact an agent today for more guidance.
What this means for homebuyers:
Although the Median Sales Price continues to rise, the increases have been smaller for three months in a row. Moderating prices signal a more balanced market, making homeownership more affordable. It can still be tough out there – especially in cities with low supply such as San Francisco or Denver, but you may find there’s less competition in the winter months. An agent can help you find the right home – for the right price – in your market. Find a great agent here.