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 22.2 percent for single family homes and 12.0 percent for Condo/TIC/Coop properties. Pending Sales increased 8.6 percent for single family homes and 10.6 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 9.9 percent to $1,337,500 for single family homes and 8.0 percent to $1,104,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 31.0 percent for single family units and 20.0 percent for Condo/TIC/Coop units.
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.
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