Boston, Ma: Housing market maintains momentum in November 2021: Massachusetts Homewnership Homeowners

 Boston, Ma-housing market stayed strong in November, with the median sales price of homes sold during the month rising 11 percent on a yearly basis and 3.7 percent on a monthly one, RE/MAX reported, citing data from its National Housing Report. At the same time, days on market slid 0.3 percent annually and 0.1 percent monthly to 30 days. “The market is roaring along, with only half the seasonal slowdown we typically see from October to November,”

RE/MAX LLC President Nick Bailey said in a press release. “The small drop in prices is great news for buyers, and it could be an early sign of some balance coming back into the market.” Among the 51 metro areas surveyed in November, closed transactions were down 4.9 percent from October, compared to a normal seasonal decrease of 12 percent. Billings, Mont., saw the greatest year over year decline in closed deals, with a 13 percent drop to 248.

Nationally, the median sales price dropped 2.9 percent month over month to $330,000, registering the largest monthly decline since the pandemic began. Year over year, the median price was up 11.9 percent. Home sellers have enjoyed annual increases in sales prices for 35 consecutive months, RE/MAX said. Phoenix saw the largest increase in median price, with a 27.2 percent annual jump to $425,000, followed by Salt Lake City with a 25.3 percent to $487,250 and Boise, Idaho, with a 24.8 percent climb to $475,581.

At the same time, the supply of homes for sale decline 17.7 percent month over month and 30.1 percent year over year to 1.2 months. Denver and Seattle tied for the lowest inventory, at 0.5 percent, followed by Albuquerque and Manchester, N.H. Average days on market was 29, up two days from October. Raleigh-Durham, N.C., saw the greatest year over year drop  in days on market with a 45.9 percent decline to 20.

“The lack of available inventory continues to be a challenge, but 2021 has been a very strong year for home sales,” Bailey said. “That says a lot about the resiliency of the housing market and the importance of homeownership in people’s lives. With work flexibility, low interest rates, generational factors and continued high demand, we’re heading into 2022 with plenty of reasons to be optimistic.”

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