January brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase.
New Listings were down 24.6% for single family homes and 7.5% for Condo/TIC/Coop properties. Pending Sales decreased 9.1% for single family homes but increased 0.7% for Condo/TIC/Coop properties. The Median Sales Price was up 7.1% to $1,250,000 for single family homes but decreased 5.7% to $1,000,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 18.8% for single family units and 5.0% for Condo/TIC/Coop units.
Wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell.
Read the full report here: SFAR MarketFocus January 2017