Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is
rising in many neighborhoods as higher prices have motivated more sellers to list.
New listings were up 10.2% for single family homes but decreased 19.6% for Condo/TIC/Coop properties. Pending sales remained flat for single family homes but increased 2.4% for Condo/TIC/Coop properties.
The median sales price was up 11.7% to $1,037,500 for single family homes and 11.4% to $920,000 for Condo/TIC/Coop properties. Months supply of inventory decreased 4.3% for single family units and 26.9% for Condo/TIC/Coop units.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists
|December 2014||Median Price||Days on Market|
|Single-Family Homes||$1,037,000||27 Days|
To view the full market report from the San Francisco Association of Relators click here.