November Home Sales Rise in Alamo California

Home Sales RiseNovember proved to be another strong month for the housing market in Alamo CA. Pending home sales and new home sales climbed in November. The number of new single-family homes sold across the nation rose to the highest rate we have seen since April of 2010. According to the Commerce Department, the number of new home sales rose by 4.4 percent to a seasonally adjusted 377,000-unit annual rate. For the first time since 2005, the continued growth of new home building and new home sales will continue to help boost the economy.

Pending home sales also jumped nationwide in November by 1.7 percent over October, for the third straight month of gains. The increase in November pending home sales follows a strong October that also boasted a 5 percent gain. According to the National Association of Realtors, pending-home-sale gains of 5.2% were seen in the Northeast, 4.2% in the West, and 0.1% in the Midwest

The number of signed contracts in November in the Northeast and West increased, and ticked up slightly in the Midwest, while the South remained unchanged. The increase in signed contracts is an indicator that home sales will be up over the next few months. There is typically a one to two month lag time from when a home goes under contract until a home is sold and closed.

Not only did new home sales rise, so did the median sale price. In Alamo, CA, from September 2012 to November 2012 the median sale price was $1,160,000, based on a total of 77 sales. Compared to the same period of time one year ago, the median sales price increased by 16%, or $160,000, and the number of sales increased by 51% according to data from Trulia.

If you are ready to sell or buy a home, contact me by email or call me, Brad Gothberg, at (925) 648-5326. I have been a real estate professional for 23 years and my qualifications include the production of over $105 million in sales within the past 5 years.

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