The Arkansas Realtors® Association announced this morning that home sales in November 2016 were up 24.4% compared to November 2015. As shown in the figure below, home sales typically slow during the final three months of the year, with November often showing a sharp drop-off compared to October. In 2016, the October-November decline was only 5.9%, compared to an average of over 20% in the previous three years.
After seasonal adjustment, the November sales total represented one of the strongest months of the year: The seasonally-adjusted monthly total of 2890 homes translated to an annual sales pace of nearly 35,000. More importantly, the November statistic is in line with an ongoing growth trend that has prevailed for nearly four years now. With only one month left to be reported in the calendar year, the year-to-date figures show an increase of 9.9% compared to the same period in 2015.