U.S. home sales ticked up 1.1% year over year in November, despite prolonged trends of rising home prices and declining inventory, according to the December "RE/MAX National Housing Report."
Of the 54 metro areas covered by the report, 36 recorded a year-over-year rise in sales, with Trenton, N.J., and Augusta, Maine, taking first and second place with increases of 21.3% and 14.5%, respectively. The overall average number of home sales, however, dropped 7.3% month over month.
"The end of the year is typically a slower selling season with low inventory, but our numbers are telling a different story ... We don't see any sign of home buyers slowing down their house hunting. In fact, many are taking advantage of lower competition for available homes in the 'slow season,'" RE/MAX Co-CEO Adam Contos said in a release.
The median sales price in November came to $227,500, reflecting a 1.7% increase from October and a 3.7% jump year over year. San Francisco experienced the largest median sales price increase, at 13.8%, followed by Cleveland at 12.9% and Orlando, Fla., at 11.6%.
In terms of inventory, the number of homes for sale in November declined 9.2% month over month and 14.5% from year-ago levels. The San Francisco, Seattle and Denver markets had the lowest inventories during the month, according to the report.