June 2016

Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months' supply of inventory has been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.

New Listings were up 21.8 percent to 1,663. Pending Sales increased 20.3 percent to 1,325. Inventory grew 7.1 percent to 4,973 units.

Prices moved higher as Median Sales Price was up 2.8 percent to $165,264. Days on Market decreased 8.7 percent to 84 days. Months Supply of Inventory was down 2.0 percent to 5.0 months.

The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.

Information courtesy of CMLS*