Here is a quick summary of an economic update that Lawrence Yun (Chief Economist for National Association of Realtors) did this week at #WomensCouncilofRealtors fall conference. Comments regarding Monterey County are from me.
Home sales are up on average 20% over last year
In the Western US homes sales are up18.1% compared to last year at this time
Historically low interest rates - 30 year averaging 2.89% spurring buyers
Single Family Home sales are up 21.8% year over year
15% increase in median home pricing across the nation
Homes priced over $1 million & luxury markets saw a doubling of sales over last year
Vacation home sales are on the increase
Due to low inventory, homes have short days on market & often multiple counter offers which drive up prices
National average shows 2.7 months of inventory.
Monterey County currently showing 2.5 months of inventory. Record lows as we head into the winter season
Across the country, new construction has been hindered by rising lumber costs
In Monterey County - material costs and water resources pose the biggest obstacles to new construction