Months of inventory crept up a bit, but still made for the lowest
November in recent years:
The 3-month average of prices crept up as well:
Although on a monthly basis single family prices declined, but that was
after a strong month in October:
Here are the two data points on my favorite (non-valuation) chart,
which shows months of inventory inverted in blue, and monthly price
change in red. The inventory will likely increase next month as
it always does (see first chart), but that seasonal head-fake aside, we
are still at supply/demand levels that have typically been associated
with increasing prices.
Thus far there doesn’t seem to be too much damage from the spike in
rates (which while very sharp, hasn’t been that big — basically taking
rates back near where they were at this time last year). This
chart of pending sales doesn’t show any significant decline in demand
beyond the usual November drop.
Perhaps the rate increase will feed a bit more into December.
Otherwise, it appears to be more or less business as usual…
Here’s a table summarizing some of November’s stats :
And further assorted graphs below…