Midwest Home Prices Jump 9%

(KNSI) – The median price of a home in the Midwest was $260,100, that’s a 9% jump from November 2020 according to the National Association of Realtors.

The Association’s report, released Wednesday, shows existing-home sales nationwide rose 1.9% in November to a seasonally adjusted annual rate of 6.46 million. Total housing inventory at the end of November amounted to 1.11 million units, down 9.8% from October and down 13.3% from one year ago.

Also in the report:

Three of the four major U.S. regions reported growth in monthly sales, while the fourth region held steady in November.
The median existing-home price for all housing types was $353,900, up 13.9% from November 2020. Prices increased in each region, with the highest pace of appreciation in the South. This marks 117 straight months of year-over-year increases, the longest-running streak on record.
Properties typically remained on the market for 18 days in November, equal to October and down from 21 days in November 2020. Eighty-three percent of homes sold in November 2021 were on the market for less than a month.

A summary of the report from the National Association of Realtors can be found here.

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