Housing Supply Overview
In general, there are still fewer homes for sale at the lower end of the price spectrum, which has unsurprisingly translated into fewer sales at that end of the market. Meanwhile, inventory is rising along with sales in the upper price tiers. For the 12-month period spanning June 2018 through May 2019, Pending Sales in the Western Upstate region were down 1.5 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 5.9 percent.
The overall Median Sales Price was up 3.2 percent to $175,000. The property type with the largest price gain was the Condos segment, where prices increased 9.7 percent to $134,900. The price range that tended to sell the quickest was the $100,000 and Below range at 97 days; the price range that tended to sell the slowest was the $300,001 and Above range at 131 days.
Market-wide, inventory levels were up 10.4 percent. The property type that gained the most inventory was the Condos segment, where it increased 30.6 percent. That amounts to 4.7 months supply for Single-Family homes and 5.8 months supply for Condos.
At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
New Listings were down 2.5 percent to 765. Pending Sales decreased 34.2 percent to 348. Inventory grew 10.4 percent to 2,111 units.
Prices moved higher as Median Sales Price was up 8.5 percent to $190,900. Days on Market decreased 4.7 percent to 102 days. Months Supply of Inventory was up 14.0 percent to 4.9 months, indicating that supply increased relative to demand.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
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