February 2019
It is worthwhile to mention the weather when discussing residential real estate for
large portions of the U.S. for February 2019, because this month has turned in some
impressively cold, rainy and snowy days that have stalled some buying and selling
actions. Nevertheless, housing markets have proven to be resilient despite
predictions of a tougher year for the industry. It is still too early to say how the entire
year will play out, but economic fundamentals remain positive.
New Listings were up 10.6 percent to 1,354. Pending Sales increased 12.5 percent
to 1,134. Inventory grew 6.4 percent to 3,286 units.
Prices moved higher as Median Sales Price was up 6.9 percent to $178,000. Days
on Market decreased 12.5 percent to 63 days. Months Supply of Inventory was
down 3.4 percent to 2.8 months, indicating that demand increased relative to
supply.
The National Association of REALTORS® recently reported that national existing home
sales were down slightly during January 2019 and that pending sales were up
in year-over-year comparisons. It is worth noting that some softening of sales was
anticipated, as was a positive sales bounce during January 2019 after a slow end to
2018. Weather-related events have hampered some of the necessary machinations
of making home sales during February 2019, yet buyers have shown determination
toward achieving their homeownership goals.
Information courtesy of CMLS*
