NYSAR: Monthly Indicators - November 2020

Market Report provided by NYSAR

November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month. New Listings were up 9.8 percent to 12,751. Pending Sales increased 32.3 percent to 12,405. Inventory shrank 20.5 percent to 48,054 units. Prices moved higher as the Median Sales Price was up 21.9 percent to $335,000. Days on Market decreased 11.4 percent to 62 days. Months Supply of Inventory was down 26.4 percent to 3.9 months. Showing activity remains higher than the same period a year ago across most of the country, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.