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Home prices on the rise, sales slower as year ends
16 Nov 2018 -
Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices. 

 

New Listings increased 11.5 percent to 14,643. Pending Sales were up 2.9 percent to 10,384. Inventory levels shrank 0.9 percent to 37,196 units. Prices continued to gain traction. The Median Sales Price increased 7.9 percent to $215,850. Days on Market was down 10.9 percent to 49 days. Sellers were encouraged as Months Supply of Inventory was down 5.4 percent to 3.5 months. Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. 

 

The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.


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