“Recovery loses steam.” “House demand in a slump.” “Tax credit leaves mess in its wake.” We’re bombarded with headlines like these every day. Some have merit, some don’t. The truth is, the economy is now driving the housing market and not vice versa.
Pending Sales in the MRIS region dipped slightly by 4.6 percent from last July to arrive at 10,148. That’s one of the stronger marks inthe nation.
New Listins dipped slightly by 0.6 percent since last July and overall inventory dipped slightly by 4.7 percent over last year.
Median Sales Price grew slightly by 3.2 percent over last July to arrive at $289,000. Buyer willing to pay 94.3% of seller’s asking price and market times dropped by 20.1 percent over last year.
In sum, the housing market is trying to hold its ground until the job situation improves. Only after widespread, private-sector hiring will demand be restored to the market and prices continue to stabilize. Until then, it’s a hurry up and wait game.
