May 20th, 2019 3:10 PM by Michael Barrow
For much of the
country, the first quarter of 2019 provided several disruptive weather patterns
that contributed to less foot traffic toward potential home sales. Coupled with
low affordability, higher prices and an inventory situation in its infancy of
recovering from record lows – not to mention several more days of wintry
weather in April – slower sales persisted across most residential real estate
markets. However, buyers are beginning to return in force this spring. For
well-priced homes in desirable locations, competition is fierce.
decreased 2.1 percent for Detached homes and 12.1 percent for Attached homes.
Pending Sales increased 10.7 percent for Detached homes and 5.2 percent for
Attached homes. Inventory decreased 0.8 percent for Detached homes but
increased 15.5 percent for Attached homes.
The Median Sales
Price was up 2.3 percent to $655,000 for Detached homes but decreased 1.2
percent to $420,000 for Attached homes. Days on Market increased 23.1 percent
for Detached homes and 26.1 percent for Attached homes. Supply increased 4.3
percent for Detached homes and 29.4 percent for Attached homes.
and wage gains have been below expectations, the national unemployment rate
held firm at 3.8 percent. A historically low unemployment rate can provide
reassurance to wary consumers. But in order for sales to increase on a grand
scale, buyers will need more spending power, or sellers will need to reduce
prices to land where buyers are most active. Neither situation is likely to
occur in 2019, and yet inventory is straining to keep pace in the most
competitive price ranges.