RIS Media reported that the trends
of fewer closings and stabilizing inventory continued through September,
punctuated by a surprisingly big 12% year-over-year drop in national home sales,
with median sales price of $241,000, marking the 30th consecutive month of
year-over-year price increases, and the highest September price in the past 10-years. Available inventory of homes for sale, dropped
for the 119th consecutive month, according to the report, but the decline of appears
to be lessening, a positive trend toward market equilibrium.
The Wall Street Journal reflects,
“home-price growth has slowed for the last several months and is expected to
continue slowing as mortgage rates rise. The volume of existing-homes sales has
fallen compared with a year earlier for six straight months.”
The good news is that the state of
the housing market is far less volatile than it was ten years ago. Also new-home starts have been increasing but
at more sustainable rates. All reflected
in a gradual improvement in the number of homes on the market.
As home buyers and sellers, how
does this affect you? If you are selling
your home, it’s important to price your home right, keep it in good repair and
aggressively market your property. If
you are a buyer, the low inventory levels reduce the number of possibilities
and tend to keep prices up, so act when you see something you like and you feel
it’s priced right.
The report also recommends that “in
circumstances like these, where the market is tricky to navigate, both buyers
and sellers can benefit by aligning themselves with a professional agent—a
local expert who can cut through the noise and advocate on their behalf.”
Sources: RIS
Media, Brand Report: Home Sales Tumble 12
Percent as Prices Remain at Record Levels, October 16, 2018; THE WALL
STREET JOURNAL, The Soft but Stable
Housing Market, page A2, October 15, 2018.
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