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NAR is trying to blame it on the disclosure changes which is delaying closings but we will have to wait for December data to really see if that assumption is accurate, too early to claim housing tanked at the end of 2015 still. YOY prices rose 6.3% and ADOM was down, 65 to 54, so it wasn't all bad news.
Around here all the new homes being built that were started in the spring and scheduled to close in Nov & Dec have been delayed at least 2-3 months. There is a severe shortage of skilled labor.
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Our Triangle MLS covers 16 counties, and probably ~3 million population.
It shows 2278 closed sales, between 11/1/2014 and 11/30/2014.
It shows 2294 closed sales, between 11/1/2015 and 11/30/2015.
So no material change, Y-O-Y.
Of course, not all real estate sales are recorded in the MLS, but it isn't likely that non-MLS sales varied hugely.
The smart FSBO's are really getting more prevalent, so I'm sure your numbers are off, Mike. No need to sugarcoat it, sales must be down significantly. Plus, by eliminating agent commission, they're selling at that discounted price, therefore the average price has tanked too.
No slowdown in my area that I can tell. Even with all the new homes being built, the homes in well-established neighborhoods are still selling relatively quickly.
It will be interesting to see next month's numbers.
What I am seeing in my area (NE metro) is that the move-up buyer is still dead.
We have lots of people coming to see our place that live in smaller homes they bought during peak.
Some are on the market for their close-to-peak price.
Some are thinking about going on the market.
Without them being able to move, things will continue to be sluggish.
I think what we're seeing in volume going back down this month is that the first time buyers have jumped back in now and that rate is slowing. Less first time buyers means less move up buyers even those that can afford to take the equity hit. I suspect most of the first timers are buying from people who have been there 20 plus years. Also affects those who want to cash out and retire.
Without the move-up buyer around here, forget about it. As a seller I am hoping for a relocator.
YOY November sales 10% less 2015 compared to 2014. Housing tanked at the end of 2015.
Sales volume is just one measure. It's completely unrealistic to claim "housing tanked" based on a single metric. In Eastern MA, the lack of inventory has been driving the market. Days on market (DOM) is way down across the state and prices have risen in most cities/towns and many are at or above the highs we saw about 10 years ago. Demand far outstrips supply in this area and it's really hard to say that "housing has tanked" in a strong seller's market.
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