For much of the country, the first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most residential real estate markets.
However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.
- Closed Sales decreased 6.4 percent for Detached homes and 10.3 percent for Attached homes.
- Pending Sales increased 11.2 percent for Detached homes and 5.7 percent for Attached homes.
- The Median Sales Price was down 4.0 percent to $694,150 for Detached homes and 2.4 percent to $459,500 for Attached homes.
- Days on Market increased 32.1 percent for Detached homes and 38.1 percent for Attached homes.
- Supply increased 11.5 percent for Detached homes and 35.3 percent for Attached homes.
Although hiring and wage gains have been below expectations, the national unemployment rate held firm at 3.8 percent. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.Apr-Monthly