March 2016
Negative housing headlines should be read with calm or skepticism, not alarm.
National housing trends, like the steady rise in home prices and decline in inventory,
should certainly be observed with care, but tracking wider economic conditions is
also necessary. Buyers want to get into the market, but unlike the rising-price sales
environment of ten years ago, people are not diving headlong into risky mortgages
or uncomfortable situations. This carefulness should be celebrated, not feared.
New Listings were up 17.3 percent to 1,795. Pending Sales increased 14.7 percent
to 1,226. Inventory grew 6.7 percent to 5,034 units.
Prices moved higher as Median Sales Price was up 4.7 percent to $155,000. Days on
Market decreased 13.9 percent to 93 days. Months Supply of Inventory was down
3.7 percent to 5.2 months, indicating that demand increased relative to supply.
Employment figures are positive, wages are going up and employers are hiring.
Consumers are holding for the right deal, even in the face of extremely low
mortgage rates. As seller and builder confidence increases, we should see more
activity in Q2 2016. The second quarter tends to rank as the best time to list a home
for sale. But if inventory stays low, it will be difficult to sustain sales increases in yearover-
year comparisons. Prices are seemingly not so high as to stall the market
completely. Demand is present but an abundance of choice is not, and therein lies
the rub.
Information courtesy of CMLS*
