Existing Home Sales Reach Highest Annual Pace in 11 Years

home sales-Report

Some National Highlights:

  • Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.
  • The inventory of existing homes for sale has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply.
  • NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.”

Some Redding, CA Highlights:

  • The housing market in Redding, CA remains strong.
  • The inventory is historically low.
  • As of today there are only 330 single family homes for sale in the City of Redding. Only 784 in all of Shasta County.
  • For the last month there have been about the same number of homes sold each day as new listings for that day.
  • In November every price range up to $500,000 had less than 6 months of inventory. That is considered a seller’s market.
  • In November every price range under $350,000 had 3 months or less of inventory. That is a very competitive situations for home buyers in those price ranges.

(Information taken from Shasta County Board of Realtors MLS data. Deemed reliable but not verified)

Leave a Reply