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.
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 increased 8.7 percent for Single Family homes and 13.9 percent for Condominium homes.
Pending Sales increased 4.9 percent for Single Family homes and 22.0 percent for Condominium homes. Inventory decreased 7.7 percent for Single Family homes and 19.4 percent for Condominium homes. Median Sales Price decreased 2.3 percent to $650,000 for Single Family homes but increased 14.4 percent to $433,750 for Condominium homes.
Days on Market decreased 20.9 percent for Single Family homes and 5.7 percent for Condominium homes. Months Supply of Inventory decreased 17.5 percent for Single Family homes and 29.2 percent for Condominium homes.
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.