Weekly Special | December 7, 2020

Year Over Year Home Sales Rise In November

Year over year home sales rose 15% in November, registering the third-straight month of gains and a growth streak in four out of the past five months.

Today’s graph shows how each month’s sales compared with the same month the year prior. We refer to this as the year-over-year home sales report. Year over year home sales comparisons provide insight into the market changes by removing the seasonal changes in the market.

Low mortgage interest rates have buyers chomping at the bit to get into a home before rates begin to rise. It will be interesting to see the escalation in bidding wars as we go through the (traditionally) lowest inventory levels of the year.

Sellers usually wait until after the new year to hit the market, but prudent sellers today are jumping in early and watching buyers bid up home prices.

If you are planning to move now or in the next few months, jump into this market today so that you can sell and then buy a home with today’s low mortgage interest rates.

The original one-page Weekly Special PDF is still available.