Housing Supply Overview
Low housing supply is both a month-over-month and now multiple year-over-year happening. Lawrence Yun, Chief Economist for the
National Association of REALTORS®, has gone as far as saying that the national housing market is essentially stalled. For the 12-month
period spanning October 2016 through September 2017, Pending Sales in the Western Upstate region were down 1.5 percent overall.
The price range with the largest gain in sales was the $300,001 and Above range, where they increased 13.9 percent.
The overall Median Sales Price was up 8.1 percent to $162,200. The property type with the largest price gain was the Single-Family Homes
segment, where prices increased 7.8 percent to $165,000. The price range that tended to sell the quickest was the $100,001 to $150,000 range
at 55 days; the price range that tended to sell the slowest was the $300,001 and Above range at 104 days.
Market-wide, inventory levels were down 1.3 percent. The property type that gained the most inventory was the Condos segment, where it
increased 3.0 percent. That amounts to 6.1 months supply for Single-Family homes and 4.7 months supply for Condos.
Monthly Indicators
Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. And although mortgage rates have remained enticingly low, home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
New Listings were down 7.4 percent to 540. Pending Sales decreased 56.8 percent to 162. Inventory shrank 1.3 percent to 2,363 units.
Prices moved higher as Median Sales Price was up 6.9 percent to $162,450. Days on Market decreased 23.7 percent to 58 days. Months Supply of Inventory remained flat at 6.0, indicating a stabilizing supply-demand balance.
Last year at this time, the national storyline was about how high demand was propping up sales and prices despite low inventory and months of supply. That has actually continued to be a familiar refrain for many months in 2017 and now for the past couple of years. But with the likes of Hurricanes Harvey and Irma, different employment outlooks, disparate incomes, varying new construction expectations and potential housing policy shifts, regional differences are becoming more prevalent and pronounced.
To view these, and previous, market reports click here.