Home Sales Continue Upward in November
Coeur d’Alene- - (December 28, 2021) The Median sales price rose in November to $476,570 an increase of 0.33% comparted to last month according to the Coeur d’Alene Association of REALTORS®. There was a 6.4 % increase in homes sold compared to November 2020. The biggest jump was the increase in available homes, 114% increase compared to November 2020. In November, the number of days between when a home was listed and closed in the MLS was 76 days.
Mortgage rates slightly rose last week after the Fed announced a taper acceleration and three rate hikes to follow in 2022. Specifically, the 30-year fixed mortgage rate inched up to 3.12% from 3.10% the previous week. Lawrence Yun, the National Association of REALTORS® chief economist has forecasted the 30-year fixed mortgage rate to average at 3.7% by year-end of 2022. "Buyer competition alone is unrelenting, but home seekers have also had to contend with the negative impacts of supply chain disruptions and labor shortages this year," he said. "These aspects, along with the exorbitant prices and a lack of available homes, have created a much tougher buying season." Rates will continue to rise even further in the year ahead. Even with this increase, consumers should bear in mind that these rates will still be historically low. In 2000, it was 8.0% and in 2019, the average mortgage rate was 3.9%.
A fast, competitive market like ours presents challenges and opportunities to buyers and sellers alike. If you’re ready to enter the market as a buyer or seller, a REALTOR® will be your most valuable resource in helping you make decisions quickly, navigate possible multiple offer situations, and achieve your real estate goals.
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The Coeur d’ Alene Association of REALTORS® was founded in 1945 and represents almost 2,000 REALTORS engaged in the residential and commercial real estate business. Through information, advocacy, education, outreach, and technology we are committed to supporting our members and the communities in which they serve.