Your current outlook on the housing market depends on how you interpret the signs. Federal Reserve Chairman Ben Bernanke’s “unusually uncertain” economic outlook underpinds the need for job growth before housing demand recovers across the nation. But let’s focus on the local story before trying to fix the nationa malaise.
Pending Sales in the MRIS region increased by 1.9 percent from last August to arrive at 10,211. This is the first time since April that pendings have surpassed the 10,000. New Listings decreased by 1.6 percent since last August and the overall inventory of 65,790 decreased by 1.5 percent.
Median Sales Price increased by 2.7 percent compared to last August, registering in at $282,500. Average Days on Market, at 77, decreased by 16.4 percent versus last year. Months Supply of Inventory decreased by 7.5 percent to weigh in at 7.0 months.
In the coming months, keep an eye on Active Listings and Months Supply. Currently the trends in both metrics are good, but if last month’s trends can continue, it could bring a better balance to the market by pushing Months Supply closer to teh 6-month mark.
