August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
New Listings were down 15.8 percent for single family homes and 22.5 percent for Condo/TIC/Coop properties.
Pending Sales remained flat for single family homes but decreased 18.6 percent for Condo/TIC/Coop properties. The Median Sales Price was up 10.4 percent to $1,380,000 for single family homes and 10.8 percent to $1,175,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 31.8 percent for single family units and 27.6 percent for Condo/TIC/Coop units.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
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