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Home buying in 2022, inventory down, interest rates down, prices up

Home sales are on track for their strongest year

since 2006. Sales of existing homes in November

rose modestly from October to the best level since

January. The median existing-home price was

14% higher than last year at this time at $353,900.

Inventory levels were down 13% from a two years

ago, at just a 2.1-month supply nationally, well below

the 6-month supply which is considered a healthy

the balance between buyers and sellers. According to

the National Association of Realtors, supply-chain

disruptions and labor shortages remained significant

obstacles to a faster pace of home construction

Rising prices and competition from investors have

made it more difficult for buyers to find affordable

homes, especially at the lower end of the market

First-time buyers made up just 26% of sales in

November, down from 32% a year ago and the

the lowest level since 2014. Cash sales accounted for

about 24% of the total, up from 20% two years at

this time.

 

 

 

 

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