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SFAR MarketFocus – April 2016

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.
The Median Sales Price was up 7.1% to $1,400,000 for single family homes and 6.6% to $1,149,000 for Condo/TIC/Coop properties. Months Supply of Inventory increased 16.7% for single family units and 36.8% for Condo/TIC/Coop units.
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.
Read the full report here: SFAR MarketFocus – April 2016