New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.
New Listings were up 3.9 percent to 774. Pending Sales increased 20.2 percent to 606. Inventory shrank 8.3 percent to 2,189 units.
Prices moved higher as Median Sales Price was up 2.3 percent to $301,870. Days on Market decreased 9.1…
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