Some economy observers are pointing to 2018 as the final period in a long string of
sentences touting several happy years of buyer demand and sales excitement for
the housing industry. Although residential real estate should continue along a mostly
positive line for the rest of the year, rising prices and interest rates coupled with
salary stagnation and a generational trend toward home purchase delay or even
disinterest could create an environment of declining sales.
New Listings were down 3.6 percent to 1,147. Pending Sales increased 3.5 percent
to 976. Inventory grew 6.6 percent to 3,643 units.
Prices moved higher as Median Sales Price was up 7.7 percent to $175,500. Days
on Market decreased 20.6 percent to 54 days. Months Supply of Inventory remained
flat at 3.2, indicating a stabilizing supply-demand balance.
Tracking reputable news sources for housing market predictions makes good sense,
as does observing trends based on meaningful statistics. By the numbers, we
continue to see pockets of unprecedented price heights combined with low days on
market and an economic backdrop conducive to consistent demand. We were
reminded by Hurricane Florence of how quickly a situation can change. Rather than
dwelling on predictions of a somber future, it is worth the effort to manage the
fundamentals that will lead to an ongoing display of healthy balance.
Information courtesy of CMLS*