May 2018

Just like last year at this time, prospective home buyers should expect a competitive
housing market for the next several months. With payrolls trending upward and
unemployment trending downward month after month in an extensive string of
positive economic news, demand remains quite strong. Given the fact that gradually
rising mortgage rates often infuse urgency to get into a new home before it costs
more later, buyers need to remain watchful of new listings and make their offers

New Listings were up 11.5 percent to 1,816. Pending Sales increased 17.0 percent
to 1,528. Inventory grew 0.8 percent to 3,590 units.

Prices moved higher as Median Sales Price was up 1.9 percent to $168,055. Days
on Market decreased 19.1 percent to 55 days. Months Supply of Inventory was
down 5.9 percent to 3.2 months, indicating that demand increased relative to

Although home sales may actually drop in year-over-year comparisons over the next
few months, that has more to do with low inventory than a lack of buyer interest. As
lower days on market and higher prices persist year after year, one might rationally
expect a change in the outlook for residential real estate, yet the current situation
has proven to be remarkably sustainable likely due to stronger fundamentals in
home loan approvals than were in place a decade ago.

Information courtesy of CMLS*