August tends to mark the waning of housing activity ahead of the school year. Not
all buyers and sellers have children, but there are enough parents that do not want
to uproot their children during the school year to historically create a natural market
cool down before any actual temperature change. Competition is expected to
remain fierce for available listings. Savvy sellers and buyers know that deals can be
made well into the school months, as household formations take on many shapes
New Listings were up 8.1 percent to 1,519. Pending Sales decreased 5.2 percent to
1,139, the eighth consecutive month of year-over-year declines. Inventory grew 11.9
percent to 4,276 units.
Prices moved higher as Median Sales Price was up 3.8 percent to $168,667. Days
on Market decreased 17.1 percent to 63 days. Months Supply of Inventory was up
5.3 percent to 4.0 months, indicating that supply increased relative to demand.
The prevailing trends lasted through summer. This was expected, since there have
not been any major changes in the economy that would affect housing. Factors
such as wage growth, unemployment and mortgage rates have all been stable.
Every locality has its unique challenges, but the whole of residential real estate is in
good shape. Recent manufacturing data is showing demand for housing
construction materials and supplies, which may help lift the ongoing low inventory
situation in 2018.
Information courtesy of CMLS*