The curtain closes and the first half of 2015 is a finished act. Monthly market
analysis helps nudge the real estate story forward for a final bow. The orchestra
(consumers) and conductor (the REALTOR®) are thanked. Metropolitan operas,
er, markets across the country continue to improve and further perform at
peaks not seen in years. Bad memories from that one lousy show known as the
Great Recession are pushed even further into the past.
New Listings were down 7.5 percent to 196. Pending Sales increased 83.8
percent to 68. Inventory shrank 1.0 percent to 1,263 units.
Prices were still soft as the Median Sales Price was down 26.5 percent to
$75,750. Days on Market decreased 11.0 percent to 276 days. Months Supply
of Inventory was down 6.9 percent to 28.2 months, indicating that demand
increased relative to supply.
Having six months of 2015 data in the books is great, but it is still just
intermission at this halfway point of the year. Forecasting market trends can be
as dicey as the weather, but with interest rates managing to remain low into the
summer months, the outlook is promising, even if rates go up later in the year.
Metrics like inventory and percent of list price received at sale are two of the
better understudies to watch this year.