May 2019 Monthly Snapshot
At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies. Closed Sales decreased 7.2 percent for Detached homes and 7.6 percent for Attached homes. Pending Sales increased 1.6 percent for Detached homes but decreased 1.9 percent for Attached homes. Inventory decreased 1.4 percent for Detached homes but increased 14.3 percent for Attached homes.The Median Sales Price was up 2.3 percent to $660,000 for Detached homes and 3.2 percent to $434,000 for Attached homes. Days on Market increased 11.5 percent for Detached homes and 28.6 percent for Attached homes. Supply increased 4.2 percent for Detached homes and 27.8 percent for Attached homes. An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
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