Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
Closed Sales decreased 1.3 percent for existing homes but increased 4.2 percent for new homes. Pending Sales increased 4.4 percent for existing homes but decreased 1.4 percent for new homes. Inventory decreased 20.4 percent for existing homes but increased 2.8 percent for new homes. The Median Sales Price was up 9.1 percent to $192,000 for existing homes and 4.5 percent to $344,250 for new homes. Days on Market decreased 16.3 percent for existing homes but increased 11.7 percent for new homes. Supply decreased 23.8 percent for existing homes and 3.7 percent for new homes.
This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn’t enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.
For more specific market numbers, click here.
*Information provided courtesy of KCRAR and Heartland MLS