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Housing price bubble chatter has increased this summer, as market observers
attempt to predict the next residential real estate shift. It is too early to predict
a change from higher prices and lower inventory, but the common markers
that caused the last housing cooldown are present. Wages are up but not at
the same pace as home prices, leading to the kind of affordability concerns
that can cause fewer sales at lower prices. At the same time, demand is still
outpacing what is available for sale in many markets.
Closed Sales decreased 6.5 percent for Detached homes and 12.5 percent for
Attached homes. Pending Sales decreased 1.6 percent for Detached homes
and 2.1 percent for Attached homes. Inventory increased 6.4 percent for
Detached homes and 24.8 percent for Attached homes.
The Median Sales Price was up 6.8 percent to $657,000 for Detached homes
and 6.7 percent to $432,000 for Attached homes. Days on Market increased
3.7 percent for Detached homes and 13.6 percent for Attached homes.
Supply increased 13.0 percent for Detached homes and 31.3 percent for
Attached homes.
Consumer spending on home goods and renovations are up, and more
people are entering the workforce. Employed people spending money is good
for the housing market. Meanwhile, GDP growth was 4.1% in the second
quarter, the strongest showing since 2014. Housing starts are down, but that
is more reflective of low supply than anything else. With a growing economy,
solid lending practices and the potential for improved inventory from new
listing and building activity, market balance is more likely than a bubble.
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