The housing market is being predictable, and that’s a good thing. At the beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
Closed Sales increased 4.3 percent for existing homes and 9.3 percent for new homes. Pending Sales increased 10.8 percent for existing homes and 4.8 percent for new homes. Inventory decreased 31.7 percent for existing homes and 3.8 percent for new homes. The Median Sales Price was up 5.7 percent to $169,000 for existing homes and 5.1 percent to $340,000 for new homes. Days on Market decreased 16.9 percent for existing homes but increased 4.1 percent for new homes. Supply decreased 38.5 percent for existing homes and 14.8 percent for new homes.
There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.
*Information courtesy of KCRAR and Heartland MLS