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November Existing Home Sales Move Up

Posted on December 24, 2016

November Existing Home Sales Move Up

Sales of existing single-family homes in November increased by 18.2% in Leon County when compared to numbers reported in November one year ago. There were 195 single-family home resales in November 2016 and 165 were sold in November 2015.

The latest numbers resulted in an increase in the annual rate of sales back over 3,000. Last month, the annual rate of resales came in at 2,994. This month that number increased to 3,024.

The November annual rate of sales is 4.6% ahead of the annual rate of 2,891 reported this time last year.

Despite the increases, it appears for the first time in three years the sales of existing homes will not reach a double digit increase over the previous year.

The chart below shows the growth in sales that began in January ended in August. Since then sales have remained stable around the annual rate of approximately 3,000.

l1homessalesnov16

The November report indicates that 12-month average single-family resale prices have been increasing slightly since August. The 3-month average of prices shows that the increasing trend that began in January is beginning to level off.  The three-month average sales price has increased by 18.5% since January to $230,811 in November.

l1homespricesnov16

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