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Ventura County Home Sales Reach Highest Annual Pace in 11 Years

By Chris B Johnson REALTOR®

Real Estate Agent with Allison James Elite CA. DRE 01501699

December 22, 2017 08:45 AM

#TimeToSell #ChrisBJohnsonRealtor #SellersPayZEROCommission #ListYourHomeandPayNoCommission

Your home is probably the biggest asset you own. This is why you should hire a professional to guide you through all your real estate transactions. My goal is to help 24 to 28 families each year either buy or sell a home. I am NOT interested in Selling 100 or 200 homes a year because I would not be able to give each family the time, attention and energy they deserve....

Existing Home Sales Reach Highest Annual Pace in 11 Years [INFOGRAPHIC] | MyKCM

Some Highlights:

Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.
The inventory of existing homes for sale has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply.
NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.”

« Housing Prices are NOT Heading for Another Crash

The Department of Housing and Urban Development (HUD), in conjunction with the U.S. Census Bureau released its report on New Residential Sales for November 2017 on Friday.

The sales figures were seasonally adjusted and came to an estimated 733,000, an increase of 17.5 percent (plus or minus 10.4 percent) from October’s revised rate of 624,000—representing the highest level since July 2007. Additionally, figures increased 26.6 percent (plus or minus 16.6 percent) of November’s estimate a year prior, which totaled 579,000.

New houses sold in November had an average price of $318,700; the median sales price came to $377,100. The report also figures that, at the end of November on a seasonally adjusted level, there are currently 283,000 new houses on the market. If the rate of sales of new homes continues, there will be a total supply lasting 4.6 months.

According to the report, it’s important to note that these figures are estimated from sample surveys. Therefore, numbers are subject to sampling variability as well as non-sampling error including bias and variance from response, nonreporting, and undercoverage.

Estimated average relative standard errors of the preliminary data are shown in the tables of the full report, here.

Explanations of confidence intervals and sampling variability can be found at the Census Bureau’s website.

The next joint report of New Residential Sales for December 2017 will be released on January 25, 2018.