Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longerterm trend toward more new listings would be a good sign.
Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
- Closed Sales decreased 13.2 percent for Detached homes and 16.8 percent for Attached homes.
- Pending Sales decreased 2.4 percent for Detached homes and 8.4 percent for Attached homes.
- The Median Sales Price was up 9.4 percent to $730,000 for Detached homes and 12.8 percent to $479,500 for Attached homes.
- Days on Market decreased 18.8 percent for Detached homes but remained flat for Attached homes.
- Supply decreased 4.2 percent for Detached homes but increased 15.4 percent for Attached homes.
This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn’t enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.
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