Some have noted a slight pause in the housing recovery this year. The American Dream of homeownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they’re expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we need people to take advantage of them.
New Listings were down 2.2 percent for Single Family homes but increased 1.5 percent for Townhouse-Condo properties. Pending Sales increased 4.2 percent for Single Family homes and 10.6 percent for Townhouse-Condo properties.
The Median Sales Price was up 11.8 percent to $570,000 for Single Family homes and 10.6 percent to $364,950 for Townhouse-Condo properties. Months Supply of Inventory increased 8.0 percent for Single Family units and 27.3 percent for Townhouse-Condo units. We’ve had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We’ve now had more than four straight years of monthly private sector job growth. It hasn’t been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.