Real Estate Update from National Association of Realtors

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