Political uncertainty, rising mortgage rates, and the Thanksgiving holiday couldn’t slow down the housing market in November.
Redfin reports that, on a year-over-year basis, the median sales price rose 7.7 percent (to $271,000) and the number of homes sold jumped 20.1 percent last month. Inventory also dropped 9.7 percent in that same time frame.
“Last year we saw a temporary slump in November sales as new mortgage industry regulations went into effect and delayed some closings,” said Redfin chief economist Nela Richardson. “Now, those regulatory hurdles have largely been resolved but the market is by no means back to normal. … The Federal Reserve’s decision to raise rates is unlikely to significantly dampen homebuyer enthusiasm as we enter 2017. We’re still expecting another year of rising home prices and modestly growing home sales.”
Redfin also noted that Seattle is the nation’s fastest market, Fort Lauderdale, Fla., has the nation’s highest price growth, and Rochester, N.Y., had the largest decrease in overall inventory.