NVBR Market Reports are sponsored
by the North Country Federal Credit Union
Town by Town market reports are available below.
The economy is improving, unemployment is falling, and the U.S. real estate
market remains strong as we head into the holiday season, a period when
activity typically slows as people take time to travel, celebrate, and spend time
with loved ones. Although the market is not as frenetic as was seen earlier this
year, buyer demand is high, bolstered by attractive mortgage rates and a low
supply of inventory.
New Listings increased 6.1 percent for single-family homes but decreased 4.5
percent for townhouse-condo properties. Pending Sales increased 11.7 percent
for single-family homes but decreased 10.4 percent for townhouse-condo
properties. Inventory decreased 45.6 percent for single-family homes and 44.8
percent for townhouse-condo properties.
The Median Sales Price was up 15.8 percent to $415,000 for single-family
homes and 7.0 percent to $276,000 for townhouse-condo properties. Days on
Market decreased 20.5 percent for single-family homes and 44.4 percent for
townhouse-condo properties. Months Supply of Inventory decreased 47.4
percent for single-family homes and 40.0 percent for townhouse-condo
properties.
The most recent data from the National Association of REALTORS® reports the
median single-family existing home sales price rose 16% in the third quarter of
this year to $363,700, with all four regions of the country experiencing double digit
price growth. In new construction, builder confidence increased in
November, surpassing analyst expectations and rising to 83 on the National
Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI),
the highest level since spring, despite persistent labor and supply chain
challenges and a shortage of available lots.
