New Listings were down 0.7 percent for single family homes but increased 32.1 percent for townhouse-condo properties. Pending Sales landed at 242 for single family homes and 110 for townhouse-condo properties. The Median Sales Price was up 1.7 percent to $540,250 for single family homes and 2.2 percent to $350,000 for townhouse-condo properties. Days on Market decreased 1.6 percent for single family homes and 40.5 percent for condo properties.
Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part. For full report click here.