As we have been stating for several months now, an increase in housing inventory is needed to help bring us back to a more balanced market. In April, we experienced the first signs of movement in this direction as inventory jumped 12.8% above the previous month, and the overall median sales price took a slight 1.0% dip. Although downward movement in median sales price can be scary to some, this drop was very minor and is actually a welcome indication of a healthy market moderation. Year over year appreciation in the housing market remains high, with the median overall sales price up 12.2% from the same month last year. We are still in a strong seller’s market—far from being balanced—but, as indicated by this month’s statistics, continued increases in inventory will certainly help stabilize the market.
If you are interested in knowing more about current market trends and future predications of real estate analysts, we would love the opportunity to meet with you to share that information. In doing so, we hope to better equip you for making educated decisions about any real estate move you may be considering. Please don’t hesitate to call!