Housing Supply Overview
For the 12-month period spanning September 2018 through August 2019, Pending Sales in the Western Upstate region were down 0.3 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 14.0 percent.
The overall Median Sales Price was up 4.7 percent to $178,000. The property type with the largest price gain was the Condos segment, where prices increased 5.9 percent to $135,000. The price range that tended to sell the quickest was the $100,000 and Below range at 94 days; the price range that tended to sell the slowest was the $300,001 and Above range at 130 days.
Market-wide, inventory levels were up 11.0 percent. The property type that gained the most inventory was the Condos segment, where it increased 24.2 percent. That amounts to 4.8 months supply for Single- Family homes and 5.7 months supply for Condos.
As the summer draws to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. Yet most experts agree these reductions are unlikely to bring sufficient relief, at least in the short term, for first-time home buyers. The lack of affordable inventory and the persistence of historically high housing prices continue to affect the housing market,leading to lower-than-expected existing home sales at the national level.
New Listings were up 1.4 percent to 720. Pending Sales decreased 29.1 percent to 329. Inventory grew 11.0 percent to 2,175 units.
Prices moved higher as Median Sales Price was up 7.0 percent to $184,900. Days on Market decreased 10.5 percent to 94 days. Months Supply of Inventory was up 11.4 percent to 4.9 months, indicating that supply increased relative to demand.
As many homeowners refinanced their homes to take advantage of declining interest rates, consumer confidence in housing was reported to be at historically high levels. Even so, real estate professionals will need to monitor the market for signs of continued imbalances. Although the inventory of affordable homes at this point remains largely stable, it is stable at historically low levels, which may continue to push prices higher and affect potential buyers across the U.S.
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