As we turn the page to the second quarter of 2015, a proliferation of new One-Year Change in listings is expected in most markets across the U.S. Spring is traditionally the commonplace time of the year that we see some of the most desirable gems polished for eager buyers. Though some Google searches and Twitter posts will blatantly offer pessimism about the state of the housing market, on-the-street evidence does not support bad tidings.
New Listings were down 14.1 percent for single family homes and 15.8 percent for Condo/TIC/Coop properties. Pending Sales increased 6.3 percent for single family homes but decreased 5.8 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 20.6 percent to $1,326,500 for single family homes and 21.7 percent to $1,101,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 6.7 percent for single family units and 11.1 percent for Condo/TIC/Coop units.
The national homeownership percentage is the lowest since 1993, when Jurassic Park was the highest-grossing movie. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. With the release of Jurassic World this month, we are reminded of cyclical conversations in both real estate and moviemaking.