August 2018 Market Reports
Posted by Christina Galbreath-Gonzalez on
Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
New Listings were up 28.9 percent to 674. Pending Sales increased 10.9 percent to 490, the seventh consecutive month of year-over-year gains. Inventory grew 1.3 percent to 2,250 units.
Prices…
2148 Views, 0 Comments