April 2019
For much of the country, the first quarter of 2019 provided several disruptive
weather patterns that contributed to less foot traffic toward potential home sales.
Coupled with low affordability, higher prices and an inventory situation in its infancy
of recovering from record lows – not to mention several more days of wintry weather
in April – slower sales persisted across most residential real estate markets.
However, buyers are beginning to return in force this spring. For well-priced homes
in desirable locations, competition is fierce.
New Listings were up 2.0 percent to 1,669. Pending Sales increased 7.0 percent to
1,495. Inventory grew 5.0 percent to 3,251 units.
Prices moved higher as Median Sales Price was up 6.0 percent to $177,000. Days
on Market decreased 7.8 percent to 59 days. Months Supply of Inventory remained
flat at 2.8, indicating a stabilizing supply-demand balance.
The national unemployment rate dropped to 3.6 percent during April 2019, the
lowest level since 1969. A historically low unemployment rate can provide
reassurance to wary consumers. But in order for sales to increase on a grand scale,
buyers will need more spending power, or sellers will need to reduce prices to land
where buyers are most active. Neither situation is likely to occur in 2019, yet
inventory is straining to keep pace in the most competitive price ranges.
Information courtesy of CMLS*
