As predicted, prices are still rising, probably do the shortage of inventory though political climate and interest rates frequently influence prices as well. Comparing the median price of homes sold in the 12 months ending April 30th 2017, with the median price of homes in the twelve months preceding April 2016, we have seen an increase of 11.6%. Inventory, that is the amount of time that it would take to sell every single property on the market, crawled upward in April, ending at 1.7 months. Pending sales were 10.0% cooler than in April 2016 but showed a 1.5% gain over last month in March 2017. Closed sales fell 11.0% short compared to last month’s closings and 15% short compared to the closings recorded last year in April 2016. More good news for sellers is that market time is shortening; 42 days on April 2017, down from 58 days in March 2017.
The bottom line: I think the market is slowing a bit, according to these numbers, and historically, there is a mild summer slowdown with a pick up right before school starts again. That means slim inventory but fewer buyers so the buyers that aren’t worshiping the sun still have houses to look at.