In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.
New Listings were down 10.3 percent to 478. Pending Sales increased 10.5 percent to 412. Inventory shrank 11.2 percent to 2,120 units.
Prices moved lower as Median Sales Price was down 5.4 percent to $304,990. Days on Market increased 5.2 percent to 141 days. Months Supply of Inventory was down 18.2 percent…
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