If the last few months are an indication of the temperature of housing markets
across the country, a period of relative calm can be expected during the last three
months of the year. A trend of market balance is emerging as we approach the end
of 2018. Prices are still rising in most areas, and the number of homes for sale is still
low, but there is a general shrinking of year-over-year percentage change gaps in
sales, inventory, and prices.
New Listings were up 15.7 percent to 1,408. Pending Sales increased 18.6 percent
to 1,139. Inventory grew 8.1 percent to 3,649 units.
Prices moved higher as Median Sales Price was up 8.2 percent to $169,950. Days
on Market decreased 16.7 percent to 55 days. Months Supply of Inventory remained
flat at 3.2, indicating a stabilizing supply-demand balance.
Stock markets experienced an October setback, but that does not necessarily
translate to a decline in the real estate market. The national unemployment rate has
been below 4.0 percent for three straight months and during five of the last six
months. This is exceptional news for industries related to real estate. Meanwhile,
homebuilder confidence remains positive, homeownership rates have increased in
the key under-35 buyer group and prices, though still rising, have widely reduced
the march toward record highs.
Information courtesy of CMLS*