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New listings up in September but the market may be cooling down
17 Oct 2018 -
Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales. New Listings increased 11.8 percent to 13,562. Pending Sales were up 11.8 percent to 9,965. Inventory levels shrank 5.0 percent to 36,875 units. Prices continued to gain traction. The Median Sales Price increased 10.6 percent to $220,000. Days on Market was down 9.4 percent to 48 days. Sellers were encouraged as Months Supply of Inventory was down 10.5 percent to 3.4 months. Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.

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