Real Estate Market Report - May 2019
At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers.
While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
New Listings decreased 1.9 percent for Residential homes and 3.7 percent for Townhouse/Condo homes.
Pending Sales increased 1.5 percent for Residential homes and 0.2 percent for Townhouse/Condo homes.
Inventory decreased 14.5 percent for Residential homes and 17.7 percent for Townhouse/Condo homes.
Median Sales Price increased 2.7 percent to $188,000 for Residential homes and 6.1 percent to $175,000 for Townhouse/Condo homes.
Days on Market increased 29.5 percent for Residential homes and 53.5 percent for Townhouse/Condo homes.
Months Supply of Inventory decreased 17.1 percent for Residential homes and 22.0 percent for Townhouse/Condo homes.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years.
What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession.
As a whole, the selling season is looking fairly stable across the nation.