As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little signs of cooling.
Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was this time last year, and sales prices are surging as a result.
New Listings increased 2.9 percent for Single Family homes and 35.1 percent for Townhouse‐Condo homes. Pending Sales increased 4.1 percent for Single Family homes and 21.3 percent for Townhouse‐Condo homes. Inventory decreased 50.8 percent for Single Family homes and 60.0 percent for Townhouse‐Condo homes.
Month’s Supply of Inventory decreased 57.1 percent for Single Family homes and 60.0 percent for Townhouse-Condo homes.
Median Sales Price increased 14.0 percent to $220,000 for Single Family homes and 34.3 percent to $135,000 for Townhouse-Condo homes.
Days on Market decreased 44.7 percent for Single Family homes and 50.0 percent for TownhouseCondo homes.
With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much‐needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the wamer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
Get the full report here!
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
