For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.
New Listings were down 0.5 percent for single family homes and 2.3 percent for Condo/TIC/Coop properties. Pending Sales increased 12.2 percent for single family homes and 32.1 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 13.4 percent to $1,588,000 for single family homes and 0.2 percent to $1,140,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 29.6 percent for single family units and 28.6 percent for Condo/TIC/Coop units.
Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.
For full report, click here: SFAR_MarketFocus_2017-Oct