• News
  • Money

ME home sales on track for record high year

ME home sales on track for record high year

All regions except for the West saw a jump in sales activity last month.

The total housing inventory fell 7.2% to 1.7 million homes available for sale, 9.7% lower than last November and the 30th consecutive month of year-over-year decline.

The multi-year streak of rising prices and falling inventories also continued, adding to concerns about affordability for would-be homeowners, the National Association of Realtors said in the monthly report.

"The greater home sales will stoke the fires for stronger economic growth next year as consumers spend more to furnish their new homes with new appliances and furniture and all the decorations and trimmings", said Chris Rupkey, chief economist MUFG in NY.

"The near-record number of home sales in November continues to show that buyer enthusiasm remains strong even in the face of ongoing price growth", said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. The median sale price for those homes rose 4.2 percent to $200,000 from November 2016. The median existing home price was $248,000, up 5.8% from November 2016 ($234,400).

Looking at other details in the report, total months of supply dropped to 3.4, lowest in the history of the series dating back to 1999.

"We expect further increases in sales in 2018, although tax reform is likely to modestly reduce demand at the high end (as well as to lower prices for high-priced homes)", he said. All-cash sales rose marginally, to 22 percent, up from 20 percent in October.

First-time buyers were 29 percent of sales in November, which is down from 32 percent in both October and a year ago, the NAR report said.

The hottest metro areas in November were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Stockton-Lodi, Calif.

Existing-home sales moved higher for the third straight month in November and reached their strongest pace in nearly 11 years, while new construction of single family homes surged to a 10-year high, according to two new reports.

Economists had forecast home sales rising 0.9% to a 5.52-million-unit rate in November from a previously reported 5.48-million-unit pace in October.

Sales rose last month in the Northwest, Midwest and South.

Leave Your Comment

Leave Your Comment

Latest News

Breaking News


Turkish prosecutor seeks jail term for National Basketball Association player

The player is a vocal supporter of Fethullah Gulen, the US -based cleric blamed by Turkey for last year's failed military coup. Kanter, who has previously compared Erdogan to Adolf Hitler, lives in the United States and will be tried in absentia.

Al Franken To Officially Leave US Senate On Jan. 2

However, keep in mind that the Senate Ethics Committee will take up Franken next year. Resigning "was his choice to make", said Sen.

Cryptocurrency exchange Youbit shuttered due to security breach

It's important to note that Youbit was just a small exchange that handled small volumes in South Korea's surging bitcoin scene. While hot wallets offer greater convenience, they also put funds at greater risk because they are connected to the internet.

Barclays Reports That They Have Upgraded General Motors (NYSE:GM) Shares

General Motors accounts for 1.0% of Janney Capital Management LLC's portfolio, making the stock its 28th biggest holding. The stock of General Motors Company (NYSE:GM) has "Overweight" rating given on Friday, October 13 by Barclays Capital.

Yancey campaign to challenge single ballot in House race

Simonds said she was optimistic that lawmakers could reach compromise and get things done in Richmond despite a split chamber. The court's decision leaves the race for the 94th District tied at 11,608 votes each for Yancey and Simonds.

Senate Now Wondering If Jill Stein Colluded With Russia

The House Intelligence Committee is interviewing a number of high-profile witnesses this week, according to the Boston Globe . The Senate Judiciary Committee requested all communications with Stein from Donald Trump Jr .in July.

House discloses three more sexual harassment settlements totaling $115000

Two claims were simply categorized as "retaliation" while the rest were focused on racial, age or disability discrimination. In addition, some lawmakers have secretly paid settlements from their office budgets.

Trump talked of rescinding Gorsuch nomination after criticism

After Donald Trump gave his view on the Washington Post story about Neil Gorsuch , critics wasted no time responding. Gorsuch, before his confirmation, was rated as being to the right of Scalia. "And you were so kind to recognize Mrs.

Selena Gomez' Mom Pays Emotional Tribute to Baby Girl She Miscarried

The source continued and said that Bieber's trying to change so that the family will come to accept him as part of Gomez's life. According to the top entertainment site, Mandy is giving Selena space to figure out what she wants.

When does early signing period start?

Planz has coached Elmhurst College, which as a Division III program can't offer athletic scholarships, for the last four seasons. He's considering College Football Playoff participants Clemson, Georgia and Alabama in addition to SC and Virginia Tech.