Monthly Market Indicators April 2016

The housing market is being predictable, and that’s a good thing. At the
beginning of the year, it was anticipated that the prevailing trends of the past
year would continue into and through 2016, and that has largely been the
case. The number of homes for sale has generally remained lower compared
to a year ago, and prices have been steadily rising in desirable communities
where homes show well.

Closed Sales decreased 7.5 percent for Detached homes and 13.3 percent for
Attached homes. Pending Sales increased 6.7 percent for Detached homes
and 10.1 percent for Attached homes.

The Median Sales Price was up 7.2 percent to $635,000 for Detached homes
and 6.1 percent to $392,500 for Attached homes. Days on Market decreased
19.0 percent for Detached homes and 25.7 percent for Attached homes.
Supply decreased 21.2 percent for Detached homes and 40.0 percent for
Attached homes.

There have been no striking changes to curtail what should be a decent run of
home sales over the next several months. Mortgage rates have remained
stubbornly and wonderfully low, the unemployment rate has remained at or
near 5.0 percent for eight straight months and wages have increased for a
great many people. New construction has been slow, and that may be a
damper on sales, but the general outlook remains strong.

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