May 2018

Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly. 

Closed Sales were up 1.8 percent to 3,739. Pending Sales increased 18.1 percent to 4,089, and Inventory shrank 24.9 percent to 6,771. 
Median Sales Price was up 10.1 percent to $185,000. Percent of Original List Price Received increased 1.1 percent to 97.4%. Absorption Rate was down 26.7 percent to 2.2. 
Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.