September 2016

As anticipated at the outset of the year, demand has remained high through the first
Three-quarters of 2016, propping up sales and prices despite heavy reductions in
inventory and months of supply across the country. With rental prices and
employment opportunities in a consistent climb, year-over-year increases in home
buying are probable for the rest of the year but not guaranteed.

New Listings were up 19.4 percent to 1,392. Pending Sales increased 27.3 percent
to 1,062. Inventory grew 6.3 percent to 4,730 units, the eleventh consecutive month
of year-over-year gains.

Prices moved higher as Median Sales Price was up 9.1 percent to $163,500. Days
on Market decreased 9.5 percent to 76 days. Months Supply of Inventory was down
4.2 percent to 4.6 months, the eleventh consecutive month of year-over-year
declines.

In general, today's demand is driven by three factors: Millennials are reaching prime
home-buying age, growing families are looking for larger homes and empty nesters
are downsizing. However, intriguingly low-interest rates often prompt refinancing
instead of listing, contributing to lower inventory. Recent studies have also shown
that short-term rentals are keeping a collection of homes off the market.

Information courtesy of CMLS*