Less Frenzied Buying Conditions May Be Here!
11/21/2018 REAL ESTATE MARKET OVERVIEW – A NATIONAL VIEW
Existing home sales are currently at an annual pace of 5.22 million, which is up 1.4% over last month. This reverses the six-month trend of dips in sales every month.
The inventory of existing homes is still below the 6-month supply needed for a normal market and is now at a 4.3-month supply.
NAR’s Chief Economist, Lawrence Yun, had this to say: “After six consecutive months of decline, buyers are finally stepping back into the housing market. As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”
Source: National Association of REALTORS® EHS Report 11/21/2018
OCTOBER REAL ESTATE MARKET OVERVIEW – A TEXAS VIEW
If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.
New Listings were up in the North Texas region 1.8 percent to 11,682. Pending Sales decreased 17.9 percent to 7,460. Inventory grew 7.5 percent to 30,423 units. Prices moved higher as Median Sales Price was up 4.2 percent to $250,000. Days on Market increased 4.4 percent to 47. The Months Supply of Inventory was up 6.7 percent to 3.2 months., indicating that supply increased relative to demand.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.
Source: North Texas Real Estate Systems, Inc. (NTREIS)
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