The REAL Trends Housing Market Report for November 2015 shows that housing sales increased 7.5 percent from the same month a year ago. The year-over-year gain is the strongest year-over-year increase since June 2015. The Northeast led the way with a 16.3 percent increase, the second month in a row that the region led the country.
The annualized rate of new and existing home sales was 5.721 million which was up from November 2014’s rate of 5.245 million but down significantly from the 6.366 million rate in October 2015.
“November housing sales rose unexpectedly with year-over-year sales up 7.5 percent, the best showing since June 2015. The West and the South regions showed the weakest results in unit sales while the Northeast, which has lagged the rest of the country for the past four years in unit sales increases, once again led the nation,” says Steve Murray, editor of the REAL Trends Housing Market Report. “Last month’s pending homes sales report indicated that sales would be stronger than had been previously expected and that is what has happened,” he adds.
Housing prices rose an average of 0.5 percent from November 2014 showing continued moderation in home price increases and among the lowest year over year increase in prices since 2014.
“The average price of homes sold remains very moderate, showing only a slight increase,” Murray added. “It is important to note, however, that month-over-month changes in unit sales and average prices are still below their recent highs and nothing we have seen changes most forecaster’s views that 2016 will see moderate increases in unit sales and prices.”
Housing unit sales for November 2015 increased 7.5 percent, up significantly from the October 2015 results. Unit sales were up 16.3 percent in the Northeast, the best performance in all regions. Sales in the Midwest region were up 9.9 percent, the South saw an increase of 4.4 percent, and the West region had an increase of 4.2 percent.
The average price of homes sold in November 2015 in the South region increased by 3.5 percent, the best result in the nation. The Midwest saw average prices increase 1.9 percent, average prices in the Northeast were down 0.3 percent while the West experienced a decline in the average price of homes sold with prices dropping 2.0 percent.
“We expect that housing unit sales increases will continue to slide on a year over year basis and that prices will continue their recent trend of moderate increases,” said Murray.
REAL Trends October / November Housing Market Report
November 2015 November 2015 October 2015 October 2015
Closed Sales Average Price Closed Sales Average Price
National +7.5% +0.5% +3.1% +3.3%
Regional Report+16.3% -0.3% +7.7% -2.7%
South +4.4% +3.5% +1.3% +3.9%
Midwest +9.9% +1.9% +0.4% +3.8%
West +4.2% -2.0% +5.1% +4.1%