Market Reports

The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search. New Listings increased 22.4 percent for New Construction homes but decreased 3.9 percent for Previously Owned homes. Pending Sales decreased 39.0 percent for New Construction homes and 18.3 percent for Previously Owned homes. Inventory decreased 24.5 percent for New Construction homes but increased 9.4 percent for Previously Owned homes. Median Sales Price increased 35.8 percent to $545,132 for New Construction homes and 24.7 percent to $486,500 for Previously Owned homes.

 

Days on Market decreased 8.4 percent for New Construction homes and 14.7 percent for Previously Owned homes. Months Supply of Inventory increased 26.7 percent for New Construction homes and 6.3 percent for Previously Owned homes.

 

There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country. Quick Facts – 34.3% + 25.9% + 2.9% Change in Closed Sales All Properties Change in Median Sales Price All Properties Change in Homes for Sale All Properties.