The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales. Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding. Markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base.
- New Listings were up 19.5 percent to 650. Pending Sales increased 14.0 percent to 441. Inventory shrank 7.0 percent to 2,100 units.
- Prices moved higher as Median Sales Price was up 12.2 percent to $314,200. Days on Market decreased 13.7 percent to…
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