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 up 2.9 percent for Single-Family homes and 28.1 percent for Townhouse-Condo properties
– Pending Sales decreased 2.2 percent for Single- Family homes but increased 29.6 percent for Townhouse-Condo properties.
– Median Sales Price was up 4.8 percent to $272,500 for Single-Family homes but decreased 13.6 percent to $199,500 for Townhouse-Condo properties
– Months Supply of Inventory decreased 15.2 percent for Single- Family units and 20.5 percent for Townhouse-Condo units.
Last year at this time, the national story-line 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.
This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.