April 2016
The housing market is being predictable, and that's a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
New Listings were up 12.8 percent to 1,679. Pending Sales increased 26.5 percent to 1,380. Inventory grew 2.3 percent to 4,881 units.
Prices moved higher as Median Sales Price was up 7.0 percent to $155,125. Days on Market decreased 17.5 percent to 85 days, the twelfth consecutive month of year-over-year declines.
Months Supply of Inventory was down 9.3 percent to 4.9 months, the twelfth consecutive month of year-over-year declines. There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.
Information courtesy of CMLS*
