At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
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Closed Sales decreased 4.1% for existing homes and 10.1% for new homes. Pending Sales increased 6.7% for existing homes and 2.7% for new homes. Inventory decreased 8.5% for existing homes but increased 0.3% for new homes.
The Median Sales Price was up 8.6% to $215,000 for existing homes and 5.3% to $368,400 for new homes. Days on Market decreased 2.9% for existing homes but increased 24.6% for new homes. Supply decreased 4.8% for existing homes but increased 7.4% for new homes.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
Wondering about your home value in today’s market? Contact us today for a complimentary comparative market analysis.