Redfin: Prov. metro has third-highest increase in home sales in November in U.S.

REDFIN SAID home prices increased 6.8 percent year over year in November, to a median sales price of $267,000, representing the largest increase since April. / COURTESY REDFIN
REDFIN SAID home prices increased 6.8 percent year over year in November, to a median sales price of $267,000, representing the largest increase since April. / COURTESY REDFIN

PROVIDENCE – The Providence metropolitan area had the third-highest year-over-year increase in home sales in the nation in November at 14.7 percent, according to Redfin, a real estate brokerage firm.

Redfin said Providence trailed only two metropolitan areas in New York – Buffalo, which reported a 26.7 percent jump in sales over the year, and Hudson Valley, which had an 18.2 percent hike. The Providence metro, which does not include Westerly but does include Bristol County in Massachusetts, had a total of 696 home sales in November, Redfin said.

Nationwide, sales saw an increase of 0.9 percent, with low inventory largely to blame, Redfin said. Inventory dipped 4.7 percent in November, marking the 10th consecutive month of year-over-year declines, it said.

“Yesterday’s Fed decision to raise interest rates is not a threat to homebuyers,” Redfin chief economist Nela Richardson said in a statement. “The prospect of more months of low inventory are what put them in danger.”
Redfin said home prices increased 6.8 percent year over year in November, to a median sales price of $267,000, representing the largest increase since April.

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Sixteen of the 68 markets tracked by Redfin saw year-over-year price growth in the double digits, the company said.
In the Providence metro, the median sales price was $207,000 in November, a 4.8 percent increase compared with last year.

New for-sale listings rose 8.4 percent nationwide, the largest year-over-year increase since April. Still, the national housing market remains approximately two months shy of a balanced market between buyers and sellers, Redfin said.

The Providence metro had 973 new listings in November, a nearly 19 percent increase over the year, Redfin said.

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