Market Statistics – June 2018

June 2018

Prior Year

Current Year

+/-

Average Sales Price

$187,744

$202,171

+7.7%

Median Sales Price

171,600

180,500

+5.2%

Inventory of Homes for Sale

1,346

1,013

-22.5%

Days on Market

150

146

-2.7%

Closed Sales

234

250

+6.8%

       
 

Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Although the 30-year mortgage rate did not increase, buyers often react by locking in at the current rate ahead of assumed higher rates later. When this happens, accelerated price increases are possible, causing further strain on affordability.

New Listings were down 10.6 percent to 262. Pending Sales increased 16.7 percent to 238. Inventory shrank 22.5 percent to 1,043 units.

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