Welcome back! We are here to talk more about November 2015's home sales and how the market is looking. In our last blog post, we talked about existing home sales and what might have happened to cause the drop in sales. Today, we are going to continue with even more details about other aspects of the overall market.
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Below, you'll find information from realtor.org. We hope it helps you decide whether or not you're ready to buy a new home for 2016!
- Properties typically stayed on the market for 54 days in November, a decrease from 57 days in October and below the 65 days in November 2014.
- Short sales were on the market the longest at a median of 91 days in November, while foreclosures sold in 47 days and non-distressed homes took 54 days.
- Thirty-seven percent of homes sold in November were on the market for less than a month.
- The percent share of first-time buyers was at 30 percent in November, down from 31 percent both in October and a year ago.
- A majority of current renters who are 34 years of age or younger want to own a home in the future (94 percent).
- The top reason given by renters for not currently owning was the inability to afford to buy.
- Matching the highest share since January, all-cash sales rose to 27 percent of transactions in November (24 percent in October) and are also up from 25 percent a year ago.
- Individual investors, who account for many cash sales, purchased 16 percent of homes in November (also the highest since January), up both from 13 percent in October and 15 percent a year ago.
- Sixty-four percent of investors paid cash in November.
- Distressed sales climbed to 9 percent in November, up from 6 percent in October but unchanged from a year ago.
- Seven percent of November sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 15 percent below market value in November (18 percent in October), while short sales were discounted 15 percent (8 percent in October).
According to Freddie Mac, "the average commitment rate for a 30-year, conventional, fixed-rate mortgage hovered below 4 percent for the fourth consecutive month but increased in November to 3.94 from 3.80 percent in October. A year ago, the average commitment rate was 4.00 percent."
Be sure to visit back with us, soon to learn more about the homes sales for November 2015. We will continue keeping you updated with the latest reports as soon as they're released!
Ready to buy a home in 2016? Contact our North Raleigh real estate agent, now to get started with the search for your dream location!
Roark Premier Team | North Raleigh Real Estate Agent
Also, if you’re considering selling your home soon, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market. We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived. So what are you waiting for? Call now! Our North Raleigh real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!
For more information, visit with other blogs in this three part series, below:
- November 2015 Home Sales Part One
- November 2015 Home Sales Part Two
- November 2015 Home Sales Part Three