If the last few months are an indication of the temperature of housing market across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.
New Listings were down 2.1 percent for single family homes and 9.7 percent for Condo/TIC/Coop properties. Pending Sales increased 0.8 percent for single family homes but decreased 14.2 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 1.6 percent to $1,600,000 for single family homes and 7.3 percent to $1,223,500 for Condo/TIC/Coop properties. Months Supply of Inventory increased 13.6 percent for single family units and 3.4 percent for Condo/TIC/Coop units.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.
