New Listings were up 9.4 percent for single family homes but decreased 9.1 percent for townhouse-condo properties. Under Contracts increased 8.2 percent for single family homes but decreased 6.6 percent for townhouse-condo properties.
The Median Sales Price was up 17.4 percent to $660,000 for single family homes and 18.3 percent to $445,000 for townhouse-condo properties. Days on Market decreased 14.3 percent for single family homes and 57.1 percent for townhouse-condo properties.
Affordability challenges are limiting buying activity, and early signs suggest competition for homes may be cooling somewhat. Nationally, existing home sales are down 2.7% as of last measure, while pending sales dropped 1.2%, marking 5 straight months of under contract declines, according to the National Association of REALTORS®. Inventory remains low, with only 2 months’ supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets.