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Home Sales Surge Nearly 20 Percent in November12-19-16 | Economic News

Home Sales Surge Nearly 20 Percent
in November

All But One of 53 Metro Regions Post Increases

In its National Housing Report, RE/MAX said home sales shot 19.1 percent higher in November, compared to the same month in 2015, and at a time of the year when sales typically slow down.

Homes sales did not slow down in November, as they typically do. In fact, sales soared 19.1 percent on a year-over-year basis, and also climbed 1.4 percent compared to October, according to RE/MAX.

In its National Housing Report, the real estate firm reports that 53 major metro regions were surveyed, and nearly half of those markets saw sales hikes of at least 20 percent, compared to November 2015. All but one of the 53 markets posted sales increases for the month, and more homes sold in that month than any November in the eight-year history of the report.

"With one month to go, 2016 is on pace to exceed what was a strong 2015," said Dave Liniger, CEO and co-founder of RE/MAX. "Year-over-year, 2016 has posted price increases or stayed flat in all 11 months to date, and sales increases in nine months. November posted the largest percentage year-over-year sales increase thus far in 2016.

The markets with the largest increase in sales: Billings, Mont., +38.1%; Las Vegas, +34.9%; Boise, Idaho, +33.1%; Burlington, Vt., +30.7%; Honolulu, +30.3%; and Phoenix, +29.1%.

"The continued decline of inventory and talk of rising interest rates may have contributed to November's surge of home sales," Liniger said.