September 2017
Every market is unique, yet the national sentiment has given rise to the notion that
housing markets are stalling. Although desirous buyers are out on an increasing
number of showings, there remains a limited number of desirable listings. And
although mortgage rates have remained enticingly low, home prices have reached
unaffordable levels for many new entrants into the housing pool at exactly the same
time that established owners are proving to be less interested in moving.
New Listings were up 9.2 percent to 1,307. Pending Sales increased 4.5 percent to
999. Inventory grew 13.2 percent to 4,210 units.
Prices were still soft as Median Sales Price was down 2.4 percent to $160,000. Days
on Market decreased 11.7 percent to 68 days. Months Supply of Inventory was up
5.4 percent to 3.9 months, indicating that supply increased relative to demand.
Last year at this time, the national storyline was about how high demand was
propping up sales and prices despite low inventory and months of supply. That has
actually continued to be a familiar refrain for many months in 2017 and now for the
past couple of years. But with the likes of Hurricanes Harvey and Irma, different
employment outlooks, disparate incomes, varying new construction expectations
and potential housing policy shifts, regional differences are becoming more
prevalent and pronounced.
Information courtesy of CMLS*
