The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single- family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
- New Listings decreased 19.6 percent for Single Family homes and 14.8 percent for Townhouse/Condo homes.
- Pending Sales decreased 4.9 percent for Single Family homes but increased 9.0 percent for Townhouse/Condo homes.
- Inventory decreased 40.9 percent for Single Family homes and 56.1 percent for Townhouse/Condo homes.
- Median Sales Price increased 17.9 percent to $485,000 for Single Family homes and 20.2 percent to $228,375 for Townhouse/Condo homes.
- Median Time to Contract decreased 25.0 percent for Single Family homes and 44.4 percent for Townhouse/Condo homes.
- Months Supply of Inventory decreased 50.0 percent for Single Family homes and 69.4 percent for Townhouse/Condo homes.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
