November 2018 Market Update
Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.
Closed Sales decreased 6.1 percent for existing homes and 16.7 percent for new homes. Pending Sales increased 7.0 percent for existing homes but decreased 6.2 percent for new homes. Inventory decreased 4.6 percent for existing homes but increased 3.3 percent for new homes. The Median Sales Price was up 3.9 percent to $187,000 for existing homes and 8.2 percent to $373,350 for new homes. Days on Market decreased 13.6 percent for existing homes but increased 6.2 percent for new homes. Supply decreased 4.2 percent for existing homes and 3.4 percent for new homes.
Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.
For more specific market numbers, click here.
*Information provided courtesy of KCRAR and Heartland MLS