Housing data released by MIBOR last week shows a slight increase in closed sales in November with average and median sales prices rising more than four percent. November’s closed sales, while still positive, were not as strong as those in September and October. That two-month surge helped improve the three, six and 12-month analysis. Closed sales rose only 0.7 percent in November, but increased 8.1 percent for the three months ending in November. Indications of future activity were again encouraging with pending sales increasing 8.3 percent in November over November of 2013 and 11.1 percent for the three months ending in November.

Sales prices remain strong. The median sales price increased 4.5 percent in the quarter ending in November to $140,000 compared to the same quarter last year and grew 4.2 percent in November only data to $137,500 compared to November 2013. Average sales price also fared well with a 4.8 percent increase in the quarter to $175,237 over the last time period last year and up to $176,603 for November only – a 4.9 percent increase over the same month last year.

New listings decreased by 3.6 percent and months supply of inventory remained flat at 5.0 months of available homes for sale.

source: Mibor market spotlight