Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New Listings were down 16.9 percent to 434. Pending Sales decreased 11.0 percent to 292. Inventory shrank 12.9 percent to 2,169 units. Prices moved higher as Median Sales Price was up 1.7 percent to $295,000. Days on Market increased 18.2 percent to 156 days. Months Supply of Inventory was down 17.4 percent to 5.7 months, indicating that demand increased relative to supply.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
Select a report below: