The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts.
Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes his a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New listings increased 13.2 percent for Single Family homes and 44.2 percent for Townhouse-Condo homes. Pending Sales increased 12.0 percent for Single Family homes and 55.8 percent for Townhouse-Condo homes. Inventory decreased 8.1 percent for Single Family homes and 35.6 percent for Townhouse-Condo homes.
Month’s Supply of Inventory decreased 13.3 percent for Single Family homes and 46.4 percent for Townhouse-Condo homes.
Median Sales Price increased 7.9 percent to $225,000 for Single Family homes but decreased 4.3 percent to $127,250 for Townhouse-Condo homes.
Days on Market decreased 47.1 percent for Single Family homes and 61.1 percent for Townhouse-Condo homes.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
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.
