The primary story, both nationally and in local submarkets, is a dwindling months’ supply of inventory. The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves. The heart of the selling season has yet to begin, so we’re still optimistically watching for an increase in activity in the coming months.

 

The Median Sales Price was up 26.5% to $1,410,000 for single family homes but decreased 0.5% to $1,095,000 for Condo/TIC/Coop properties.

 

National housing starts were up by 10.8% at the end of 2015 when compared to 2014, and the unemployment rate is holding low and steady at or near 4.9%. Meanwhile, mortgage rates continue to astound below 4.0% and we have witnessed an unprecedented 70 consecutive months of private-sector job growth. As consumers navigate their options, competition for the best available properties should be profound, especially if the market remains hobbled by a lack of supply.

 

Read the full report: SFAR_MarketFocus_February_2016