As we turn the page to the second quarter of 2015, a proliferation of new listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings.
New Listings were down 2.8 percent to 1,717. Pending Sales increased 3.0 percent to 951. Inventory shrank 6.4 percent to 6,234 units.
Prices were still soft as Median Sales Price was down 0.2 percent to $145,000. Days on Market increased 2.0 percent to 103 days. Months Supply of Inventory was down 17.4 percent to 7.1 months, indicating that demand increased relative to supply.
The national homeownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and moviemaking.
*information courtesy of CMLS
