May 2019
At this point in the year, we are getting a good sense for how the housing market is
likely to perform for the foreseeable future. And although it is not a particularly
exciting forecast, it is a desirable one. Markets across the country are regulating
toward a middle ground between buyers and sellers. While it remains true that sales
prices are running higher and that inventory options are relatively low, buyers are
beginning to find wiggle room at some price points and geographies.
New Listings were up 10.3 percent to 1,863. Pending Sales increased 11.4 percent
to 1,573. Inventory grew 8.0 percent to 3,360 units.
Prices moved higher as Median Sales Price was up 10.7 percent to $188,000. Days
on Market decreased 7.3 percent to 51 days. Months Supply of Inventory was up
3.6 percent to 2.9 months, indicating that supply increased relative to demand.
An extended trend of low unemployment, higher wages and favorable mortgage
rates has been a terrific driver of housing stability in recent years. What is different
about this year so far is that prices are not rising as quickly. Some of the hottest
Western markets are even cooling slightly, while some Northeast markets are
achieving a state of recovery after a decade of battling back from recession. As a
whole, the selling season is looking fairly stable across the nation.
Information courtesy of CMLS*
