The third quarter of 2015 has ticked its last tock with the hands pointing firmly One-Year Change in upon a reliable clock of a market. Although noon and 6:30 fluctuations are present even within the same states and cities, the overall tempo of real estate potential is experiencing a healthy number of good omens. The job market has shown continual improvement, jobless rates are down, real average hourly and weekly earnings have been up and there has been good news in new household formation.
New Listings were down 21.7 percent for single family homes but increased 1.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 8.9 percent for single family homes and 18.7 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 14.6 percent to $1,189,000 for single family homes and 17.5 percent to $1,075,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 16.7 percent for single family units but was up 9.5 percent for Condo/TIC/Coop units.
With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. From the mouths of market-analyzing pundits, we are in the midst of one of the healthiest housing markets in the past 15 years. The one thing we were anticipating in September, an increase in interest rates, did not happen. It most likely will before year’s end. Until then, get out and enjoy the season.