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August Housing Indicators Reflect Continuing Patterns
18 Sep 2017 -

August tends to mark the waning of housing activity ahead of the school year.  Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cooldown before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.

New Listings increased 3.6 percent to 15,033. Pending Sales were up 13.8 percent to 11,702. Inventory levels shrank 13.3 percent to 37,725 units.

Prices continued to gain traction. The Median Sales Price increased 7.4 percent to $204,000. Days on Market was down 9.1 percent to 50 days. Sellers were

encouraged as Months Supply of Inventory was down 17.8 percent to 3.7 months.

The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing.

Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.

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