Warmer than usual temperatures over the country heats up home sales in November. It is the gauge of signed contracts, pending home sales and a drop of 0.9 percent, as compared to an increase in the October reading, based on the report of the National Association of Realtors. They were higher than 2.7 percent as compared to the same time in 2014, which is November, but that is the least yearly increase in more than a year and November's number was the third monthly fall in four months.
In some markets, home costs are increasing dramatically, integrated signs of waning supply levels and the economy slowing down its momentum, have influenced headwinds in the current months, regardless of solid job gains and low mortgage rates. Lawrence Yun, from the National Association of Realtors, said, "While feedback from Realtors continue to suggest healthy levels of buyer interest, available listings that are move-in ready and in affordable price ranges remain hard to come by for many would-be buyers."
Here are the top five metro areas with the greatest increase of temperature, according to the Economists Outlook: San Diego-Carlsbad-San Marcos, CA, Omaha-Council Bluffs, NE-IA, Los Angeles-Long Beach-Santa Ana, CA, Des Moines-West Des Moines, IA and Chicago-Joliet-Naperville, IL-IN-WI.
The top five metro areas with a significant decrease in temperature are: Spokane, WA, Portland-Vancouver-Hillsboro, OR-WA Phoenix-Mesa-Glendale, AZ, Houston-Sugar Land-Baytown, TX and Boise City-Nampa, ID.
The closing for November dropped a steep 10.5 percent per month, with realty companies pointing at the new "Know Before You Owe" loan policies for delays that may have forwarded some December closings. November pending sales would not be influenced by the new policies, as they don't come into play until it closes.
When it comes to places to reside, Americans like to go to the warmer places. Comparing housing in 2011 with 2015 housing prices, we could observe that people chose hotter places to reside in than houses located in colder climate. These places are: North Port-Bradenton-Sarasota, FL, Cape Coral-Fort Myers, Orlando-Kissimmee-Sanford, FL, AZ, Las Vegas-Paradise, NV and FL, Phoenix-Mesa-Glendale, as these made it to the top of the list with the greatest gains in housing prices.
