November Home Sales Pop - Credit The Hot Job Market & Rising Rates

Making A Move to Livermore, CA Start Here

Nationally, home sales were strong in the upper end, with homes ranging from $750,000 to $1,000,000 rising 37% year over year. Homes priced over $1,000,000 rose 50%. However, homes priced between $100,000 and $250,000 dropped 19%.

Sales of existing homes rose 1.9% from October to 6.46 million units. Compared to November 2020 sales were lower by 2%.

Sales likely increased recently because of the strong job market and the fear home buyers have that interest rates will jump in 2022.

The best homes in top cities like Livermore, CA and premier Pleasanton, CA homes will continue to be in high demand. Lack of available land to build on, top schools and compared to the rest of the Bay Area, we have affordable prices.

Related Article: State Of The Real Estate Market

“New listings are coming on the market, but they are being snatched up quickly,” said Lawrence Yun (NAR’s chief economist), who added that he expects to see a further decline in inventory. There were 1.11 million homes for sale at the end of November, down 13% year over year. At the current sales pace that represents a 2.1-month supply.

Mortgage rates did not help buyers too much. Rates are still low historically, the average rate on the 30-year fixed mortgage started September at 2.92% and ended October at 3.22%. This takes away purchasing power, especially for first-time buyers.

Making a Move to the East Bay or specifically Livermore, Dublin or Pleasanton? Contact Tyler Moxley, Broker and 4th Generation Realtor with 20 years experience.