Home sales jumped 24.3% in November in the 4-county metropolitan area, marking the 5th month in a row that sales have increased. The increase represents 968 sales compared to 779 a year ago.
Although 968 sales in November was decent for a late-fall month, the statistical leap is primarily due to the contrast between the 2010 and 2011 markets. We saw a large fall-off in sales beginning in June of 2010 that continued through the rest of the year, due to the expiration of federal tax credits.
A significant change in the market did occur, however, on the listing side that may have an impact on sales prices in the coming months. (more…)