Housing Supply Overview
Despite labor shortages and supply chain disruptions, new home construction continues along at a steady pace, with the latest data from the U.S. Department of Housing and Urban Development reporting new home sales rose 14% to a seasonally adjusted rate of 800,000 this fall. Strong demand for new housing can be seen in the increase in builder confidence as well as in the surge in new home prices, which are posting double-digit increases this fall. For the 12-month period spanning November 2020 through October 2021, Pending Sales in the Western Upstate region were down 0.1 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 22.2 percent.
The overall Median Sales Price was up 15.2 percent to $235,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 14.6 percent to $240,000. The price range that tended to sell the quickest was the $100,000 and Below range at 51 days; the price range that tended to sell the slowest was the $300,001 and Above range at 62 days.
Market-wide, inventory levels were up 5.2 percent. The property type that gained the most inventory was the Single Family segment, where it increased 7.6 percent. That amounts to 2.1 months supply for Single-Family homes and 1.8 months supply for Condos.
Monthly Indicators
The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New Listings were up 0.8 percent to 606. Pending Sales decreased 30.3 percent to 388. Inventory grew 5.2 percent to 1,096 units.
Prices moved higher as Median Sales Price was up 3.8 percent to $247,000. Days on Market decreased 34.3 percent to 46 days. Months Supply of Inventory was up 5.0 percent to 2.1 months, indicating that supply increased relative to demand.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates
inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
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