This has been a great year for North Metro Atlanta home sales. As of last month, we are almost 13% higher in year-to-date sales than last year. Prices have also gone up. My North Metro Atlanta Home Sales for November 2015 will break down all the numbers for you below.
North Metro Atlanta Home Sales for November 2015
A total of 2582 North Metro Atlanta homes were sold in November 2015, according to the First Multiple Listing Service. That was 7.2% higher than November 2014. It also marked the second highest November sales in the last five years.
November 2015 saw an average sale price of $296,618 for a North Metro Atlanta home. That was 4.4% higher than the same time last year. It is also the highest November average in the last five years. The November 2015 average was 9.9% higher than October 2015. However, it is 5.4% lower than this year's peak monthly average of $313,568 in June.
What Buyers Should Know About the North Metro Atlanta Home Sales for November 2015
Even though monthly sales this calendar year have been steadily declining since June, we are set to see more total sales this year than last. More Buyers means more competition. More competition helps drive up prices.
The Federal Reserve announced earlier this week that they are bumping up interest rates by 0.25%. That is the first time the Fed has raised rates since 2008. The news did not increase mortgage rates immediately. However, it could happen pretty soon. Even so, rates remain at historical lows, with Bankrate.com reporting it to be at 4.09% for a 30 year fixed rate loan. That's 1.2% lower than when the Fed initially lowered interest rates seven years ago and so much better than the double digit rates we saw in the 1980s. When you're ready to start looking for a new home, contact your North Metro Atlanta REALTOR®.