Negative housing headlines should be read with calm or skepticism, not alarm. National housing trends, like the steady rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Buyers want to get into the market, but unlike the rising-price sales environment of ten years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared.
The Median Sales Price was up 8.4% to $1,355,000 for single family homes but remained flat at $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory remained flat for single family units but was up 22.2 percent for Condo/TIC/Coop units.
Employment figures are positive, wages are going up and employers are hiring. Consumers are holding for the right deal, even in the face of extremely low mortgage rates. As seller and builder confidence increases, we should see more activity in Q2 2016. The second quarter tends to rank as the best time to list a home for sale. If you are thinking of selling, please call. I’ll use my network of top agents and active buyers to get you the highest possible price and best terms for your home!
Read the full report here: SFAR MarketFocus – March 2016