Housing Supply Overview
This is the year, folks. We should all be watching for more inventory compared to last year at various price segments to give hungry buyers something more to bite on. Rates are expected to remain low enough to be easy prey. For the 12-month period spanning March 2014 through February 2015, Pending Sales in the Western Upstate region were up 9.3
percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 21.6 percent.
The overall Median Sales Price was up 2.2 percent to $138,000. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 2.9 percent to $140,700. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 96 days; the price range that tended to sell the slowest was the
$300,001 and Above range at 140 days.
Market-wide, inventory levels were down 1.2 percent. The property type that lost the least inventory was the Single Family segment, where it decreased 0.8 percent. That amounts to 9.9 months supply for Single-Family homes and 9.5 months supply for Condos.
There has been talk of abundant cold and snow this winter (unless you happen to live in California!). When weather patterns turn bad, like wicked bad, real estate industry pundits tend to go gloom, assuming that Americans hungry for homeownership are bothered by a little frozen precipitation. The nation will unfreeze, inventory is expected to rise and home sales are widely expected to increase. These are good times, indeed, and many of us now have an enchanting shared experience that we can walk uphill to school both ways.
New Listings were down 8.2 percent to 550. Pending Sales decreased 27.1 percent to 207. Inventory shrank 1.2 percent to 3,126 units. Prices were still soft as Median Sales Price was down 0.3 percent to $139,500. Days on Market decreased 4.3 percent to 110 days. Months Supply of Inventory was down 10.0 percent to 9.9 months, indicating that demand increased relative to supply.
In national financial news, rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable, which should keep housing rolling through the short-named months.
To view these, and previous, market reports, click here.