Housing Supply Overview
As we move into the final months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes. The real estate market this fall is looking healthy. With a strong economy and great mortgage rates, there is a lot to remain optimistic about. For the 12-month period spanning October 2018 through September 2019, Pending Sales in the Western Upstate region were up 1.3 percent overall. The price range with the largest gain in sales was the $200,001 to $300,000 range, where they increased 9.8 percent.
The overall Median Sales Price was up 4.3 percent to $179,450. The property type with the largest price gain was the Condos segment, where prices increased 6.7 percent to $135,000. The price range that tended to sell the quickest was the $100,000 and Below range at 92 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 6.2 percent. The property type that gained the most inventory was the Condos segment, where it increased 20.8 percent. That amounts to 4.6 months supply for Single-Family homes and 5.7 months supply for Condos.
With the kids back in school and the weather cooling, the housing market begins its annual cooldown as well. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.
New Listings were down 6.1 percent to 601. Pending Sales decreased 24.5 percent to 296. Inventory grew 6.2 percent to 2,123 units.
Prices moved higher as Median Sales Price was up 4.1 percent to $182,000. Days on Market decreased 21.2 percent to 82 days. Months Supply of Inventory was up 4.4 percent to 4.7 months, indicating that supply increased relative to demand.
In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary.
To view these, and previous, market reports click here.