Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless claims have also been at low levels, coming in as the lowest number since 1973. As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets.
New Listings were down 4.4 percent for single family homes and 11.6 percent for Condo/TIC/Coop properties. Pending Sales decreased 1.5 percent for single family homes and 7.0 percent for Condo/TIC/Coop properties. The Median Sales Price was up 7.6 percent to $1,280,000 for single family homes and 15.4 percent to $1,102,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 9.5 percent for single family units but was up 14.3 percent for Condo/TIC/Coop units.
Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.