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Home prices up to $852K in November amid pandemic

Homes in Lahaina on Maui, where the County Council may soften its affordable housing requirements. Photo: Flickr

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 decreased 24.0 percent for Single Family homes and 32.1 percent for Condominium homes. Pending Sales decreased 10.0 percent for Single Family homes and 1.4 percent for Condominium homes. Inventory decreased 31.5 percent for Single Family homes but increased 33.5 percent for Condominium homes.

Median Sales Price increased 16.8 percent to $852,500 for Single Family homes and 3.9 percent to $518,520 for Condominium homes. Days on Market decreased 7.5 percent for Single Family homes and 33.7 percent for Condominium homes. Months Supply of Inventory decreased 24.0 percent for Single Family homes but increased 77.5 percent for Condominium homes.

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.

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