Last year, U.S. consumers seemed to be operating with a renewed but cautious
optimism. The stock market was strong, wages were edging upwards and home
buying activity was extremely competitive. Not much has changed in 2018 in terms
of those measures, yet there is a sort of seasoned prudence mixed into the high
emotions that go with a major expense like a home purchase. We are now several
years deep into a period of rising prices and low inventory. Those in the market
to buy a home have caught on. As sellers attempt to take advantage of rising
prices, expect buyers to be more selective.
New Listings were up 15.5 percent to 1,413. Pending Sales increased 12.0 percent
to 1,096. Inventory grew 8.3 percent to 3,582 units.
Prices moved higher as Median Sales Price was up 5.3 percent to $160,000. Days
on Market decreased 21.3 percent to 70 days. Months Supply of Inventory was up
3.1 percent to 3.3 months, the twelfth consecutive month of year-over-year gains.
Whatever external forces are placed upon residential real estate markets across the
country – whether they are related to tax legislation, mortgage rates, employment
situation changes, new family formations, the availability of new construction and
the like – the appetite for home buying remains strong enough to drive prices
upward in virtually all markets across the country. New sales are not necessarily
following that trend, but monthly increases are expected until at least late summer.
Information courtesy of CMLS*