Monthly housing reports always trigger headlines. And today’s National Association of Realtors Existing-Home Sales Report for November is no exception. Here are three nuggets of information that might get lost in the media coverage:
There is clearly demand for homes, but that demand is not being met by supply, since we also learned that inventory, the amount of homes available for sale, is at a 5.1 month supply. While that might sound like a lot, it is a full month below a traditional balanced market of 6 months. Therefore, in most locations around the U.S., supply is not meeting demand and therefore sellers are in the driver’s seat equating to higher prices.
One other interesting thing I find fascinating in each NAR report is the use of the term “median.” Quick! Are you smarter than a 5th grader? What’s the difference between median and average home price?
Median is the exact middle point of all homes sold while the average is the cumulative sales number, divided by the number of sales recorded.
But what does a median home look like? I thought it would be fun to see and found five Coldwell Banker listings from around the nation that matched the nation’s current median price of $196,000:
The preceding was an excerpt from a Guest post from Dianne Falaguerra with our partner agency CooperKatz on "Coldwell Banker Blue Matter"
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