In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.
The Median Sales Price was up 12.0% to $1,203,500 for single family homes and 18.7% to $1,098,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 20.0 percent for single family units but was up 10.0 percent for Condo/TIC/Coop units.
Read the full report here: SFAR MarketFocus – December 2015