The November numbers for U.S. home sales which include only resale homes is out and based on a claim by the National Association of Realtors, there was a 5.9 percent increase in November home sales over October 2012 home sales. In fact, this November’s sales reached the highest level since November 2009 sales which were really sparked by the threat of a federal tax credit that was to expire at the end of 2009.
If this rate of growth sustains, the National resale housing market will be on track for its strongest year since 2007. Even with this past November’s number and a 14.5 percent increase from the same time in 2011, until the rate reaches the approximate 5.5 million mark (November’s seasonally adjusted rate reached 5.04 million), the U.S. housing market will not be deemed as healthy.
Consider watching new home sales which should increase if U.S. resale home sales continues to grow because at the current rate, resale home inventory could deplete in just under 5 months which is the shortest inventory depletion span since September 2005. With continued demand and decreasing resale inventory, we are seeing a lot of activity with new home builders.
As Phoenix Arizona realtors and real estate brokers, we have been seeing the trend of increased demand relative to low inventory and how this supply demand curve has affected Phoenix home for sale pricing.
We are a team of Phoenix realtors and we assist clients buy and sell Phoenix Arizona real estate so contact us today for any of your Arizona property needs.