flexiblefullpage - default
Currently Reading

November Homes for Sale Reach Record Low

New-Home Sales

November Homes for Sale Reach Record Low

Limited inventory is causing yet another increase in home prices at the end of 2021

December 21, 2021
new home sale
Image: Stock.adobe.com

The seasonally-adjusted number of homes for sale fell to an all-time low in November after an 18% year-over-year decrease, according to Forbes. Low supply caused the median sale price to jump 15% to $383,100, marking the 16th consecutive month of price gains leading up to an unusually heated winter market. 

Market experts predict that inflation could also play a serious role in housing affordability throughout 2022 as home buyers face increases for consumer goods. With tighter budgets to accommodate more expensive gas prices and grocery trips, many buyers may be priced out of a stiff housing market.

November marked the 16th consecutive month of double-digit price gains, and so far in December there are no signs of the typical seasonal slowdown in price growth that usually comes at the end of the year. Seasonally-adjusted closed home sales and new listings of homes for sale both fell from a year earlier, by 6% and 9% respectively, and the average home sold for 0.6% more than list price.

“I wish I had better news for home buyers this holiday season, but in many ways the housing market is more challenging than ever,” said Redfin chief economist Daryl Fairweather. “At least buyers have the benefit of low mortgage rates. But by next year, inflation may spread to more consumer goods. So even though our new year’s forecast includes more listings and slower home-price growth, buyers may feel so pinched by other expenses that they have to reduce their housing budgets.”

Read more

Related Stories

Market Data + Trends

Single-Family Homes Appreciating Faster Than Ever, Especially in These Popular Metros

Single-family home prices have risen steadily since 1990, but not all of the nation's 50 most populated metro areas have seen equal growth

New-Construction Projects

Single-Family Starts Fall to Two-Year Low as Construction Costs Rise, Demand Softens

The pace of single-family housing starts is slowing, but over 800,000 homes are currently under construction across the U.S.

New-Home Sales

Single-Family Alternatives That Appreciate Faster and Cost Less

Homebuyers priced out of single-family purchases are finding more affordable housing alternatives without giving up the equity-building benefits of single-family homeownership

boombox1 -
native1 - default

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.