Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.
New Listings were down 0.7 percent for single family homes and 8.0 percent for Condo/TIC/Coop properties. Pending Sales decreased 5.4 percent for single family homes and 13.9 percent for Condo/TIC/Coop properties. The Median Sales Price was up 14.2 percent to $1,507,500 for single family homes and 6.4 percent to $1,165,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 12.5 percent for single family units but was down 12.1 percent for Condo/TIC/Coop units.
Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.
