August 2016
Closed sales began to cool for much of the country last month, and conventional
wisdom indicates that year-over-year declines are going to be present for the
remainder of the year, given the low inventory situation in most markets. Demand is
certainly present, and has created competitive situations that have kept prices up.
Rental prices are also up, which may lure more toward home ownership.
New Listings were up 19.8 percent to 1,618. Pending Sales increased 32.8 percent
to 1,321. Inventory grew 7.1 percent to 4,835 units.
Prices moved higher as Median Sales Price was up 3.9 percent to $161,098. Days on
Market decreased 20.4 percent to 74 days. Months Supply of Inventory remained flat
at 4.8
As inventory continues to drop, the contradictions of today's market are evident.
Sellers should feel confident enough to list homes at fair prices and receive
meaningful offers in a healthy residential real estate and overall economic
environment. However, there may be lingering worry over the availability of move-in
ready homes to replace what was sold. On a brighter note, building permits are
trending upward. That news should be weighed against the fact that the highest
level of activity is in multifamily rentals.
Information courtesy of CMLS*
