We're finishing well.
Closings this November outpaced closings for last November by 5%. New pending contracts at the end of the month were 12% higher than they were a year ago, painting a rosy picture for closings over the next few months. As a result of the higher sales activity, inventory at the end of November was 14% lower than it was a year ago.
The average price of sales for the last 12 months, $378,427 was 11% higher than the average price for the previous 12-month period. The average price per square foot for resale properties that have sold in the most recent 12 months was only 3% lower than the average price per square foot for newly constructed homes. However, the average price for new homes was 15% higher than it was for resale homes because the new homes that sold were 13% larger than resale homes that sold. Buyers of new homes seem to want more space than they used to.
On average, if you purchased a resale home 7 years ago, you should be able to sell it for twice your original purchase price now. Will that hold true for the next 7 years?