We have received the CAAR 1st Quarter Market Report and you will find a link to the complete report below.
Lets look at the highlights: The housing market has been off to a slow start this year. We saw the lowest First Quarter Sales since 2016. But sales prices continued to rise, with a 3% increase over last year. There are 48% more active listings but don’t get excited…inventory is still extremely low with only 2 months supply. A balanced market is 6 months supply.
It is also important to note that the increase in listings reflects the fact that homes remain on the market longer, resulting in inventory building over time, rather than a lot of new listings coming on the market.
New residential construction permits were higher than average. 53% were single family detached homes. Multifamily is double from 2 years ago. It is important to note that it can take 12 months or more for these new homes to come on the market.
Prices are climbing in some local markets and falling in others, with 3 local markets experiencing a lower median sales price this quarter compared to last year. Inventory of active listings will build as the market cools.