Many sellers and builders are in a good position for financial gains, as the economy
continues to favor putting existing homes on the market and building new homes for
sale. We are finally beginning to see some upward movement in new listings after at
least two years of a positive outlook. There may not be massive increases in
inventory from week to week, but a longer-term trend toward more new listings
would be a good sign. Low inventory should continue to create a competitive
situation for buyers, causing price increases over the next several months.
New Listings were up 16.7 percent to 1,737. Pending Sales increased 30.4 percent
to 1,497. Inventory grew 2.2 percent to 3,583 units.
Prices moved higher as Median Sales Price was up 4.3 percent to $166,854. Days
on Market decreased 4.5 percent to 64 days. Months Supply of Inventory was down
3.0 percent to 3.2 months, indicating that demand increased relative to supply.
This winter and spring exhibited unseasonal weather patterns in much of the
country. As the seasons change to something more palatable, wages and consumer
spending are both up, on average, which should translate positively for the housing
market. Being quick with an offer is still the rule of the day as the number of days a
home stays on the market drops lower. If that wasn't enough for buyers to mull over
with each potential offer, being aware of pending mortgage rate increases is once
again in fashion.
Information courtesy of CMLS*