Canadian home sales edge higher in November

Canadian home sales edge higher in November Monthly Summary*: Sales: UP (+0.5%) New listings: DOWN (-3.4%) Average price: UP (+4.6% year-over-year; not seasonally adjusted) Months of inventory: STABLE (6.0 months) * All statistics stated in seasonally adjusted and month-over-month percentage change terms unless otherwise indicated. Highlights: · Sales activity rose 0.5 per cent from October to November on a seasonally adjusted basis. · Year-to-date sales remained in line with the 10 year average, but pulled further ahead of last year’s levels.Year-to-date sales are also even with the 10-year average. · The number of newly listed homes was down 3.4 per cent from October to November. · Stable sales and fewer new listings resulted in a tighter balance of supply and demand, but the national housing market remains balanced. · The national average price rose 4.6 per cent year-over-year, the smallest increase since January. Main Points*: · National sales activity edged upward by one-half of a percentage point in November compared to the previous month. · Activity rose in about 60 per cent of all local markets, with a record November in the Halifax-Dartmouth region offsetting a dip in sales in Toronto. · Actual (not seasonally adjusted) national home sales have held in line with the 10-year average each month for most of 2011. November marked a break in that pattern, with sales climbing seven per cent above the 10 year average. It was also the fourth highest level on record for the month. · A total of 432,048 homes have traded hands via Canadian MLS® Systems so far this year. This is up 2.1 per cent from levels in the first 11 months of 2010, and stands broadly in line (+0.7 per cent) with the 10-year average. · The number of newly listed homes fell 3.4 per cent in November when compared with October, with more than two-thirds of Canadian housing markets posting declines. · The national housing market tightened from October to November, but it remains in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 55.5 per cent in November, up from 53.4 per cent in October. · The number of months of inventory nationally stood at six months at the end of November. It has held steady at about this level since April. · The actual (not seasonally adjusted) national average price for homes sold in November 2011 was $360,396. Up 4.6 per cent from a year ago, it was the smallest year-over-year gain since January.

Doug Kelly

Doug Kelly

Sales Representative
CENTURY 21 Sun Country Realty
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