February 2016
The primary story, both nationally and in local submarkets, is a dwindling months'
supply of inventory. The cure, of course, is more inventory. But new construction
has been lagging during this opportune moment, and sellers of existing homes are
not yet hitting the market in droves. The heart of the selling season has yet to begin,
so we're still optimistically watching for an increase in activity in the coming months.
New Listings were up 15.8 percent to 1,404. Pending Sales increased 20.5 percent
to 989. Inventory grew 7.4 percent to 4,911 units.
Prices moved higher as Median Sales Price was up 8.7 percent to $149,950. Days
on Market decreased 6.6 percent to 99 days. Months Supply of Inventory was down
5.6 percent to 5.1 months, indicating that demand increased relative to supply.
National housing starts were up by 10.8 percent at the end of 2015 when compared
to 2014, and the unemployment rate is holding low and steady at or near 4.9
percent. Meanwhile, mortgage rates continue to astound below 4.0 percent and we
have witnessed an unprecedented 70 consecutive months of private-sector job
growth. As consumers navigate their options, competition for the best available
properties should be profound, especially if the market remains hobbled by a lack of
supply.
Information courtesy of CMLS*