There has been talk of abundant cold and snow this winter (unless you happen to live in California!). When weather patterns turn bad, like wicked bad, real estate industry pundits tend to go gloom, assuming that Americans hungry for homeownership are bothered by a little frozen precipitation. The nation will unfreeze, inventory is expected to rise and home sales are widely expected to increase. These are good times, indeed, and many of us now have an enchanting shared experience that we can walk uphill to school both ways.
New Listings were down 2.6 percent for single family homes and 21.1 percent for Condo/TIC/Coop properties. Pending Sales decreased 18.2 percent for single family homes and 14.7 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 6.2 percent to $1,115,000 for single family homes and 17.4 percent to $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 13.3 percent for single family units and 23.5 percent for Condo/TIC/Coop units.
In national financial news, rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic change to lending’s gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable, which should keep housing rolling through the short-named months.