The U.S. housing market remains robust, with strong activity reported across
both rental and residential housing fronts. Single-family rent prices are
increasing rapidly, as demand for single-family housing and inventory
constraints forces some buyers to rent, increasing competition and pushing
rents up across the nation. Meanwhile, sales of new construction single-family
homes recently hit a six-month high, rising 14% to a seasonally adjusted rate
of 800,000, according to the latest data from the U.S. Department of Housing
and Urban Development.
New Listings decreased 13.7 percent for Single-Family Detached homes and
26.5 percent for Single-Family Attached homes. Pending Sales increased 1.7
percent for Single-Family Detached homes and 18.4 percent for Single-Family
Attached homes. Inventory decreased 42.1 percent for Single-Family
Detached homes and 56.4 percent for Single-Family Attached homes.
The Median Sales Price increased 10.9 percent to $292,900 for Single-Family
Detached homes and 24.4 percent to $218,000 for Single-Family Attached homes. Absorption Rate decreased 42.9 percent for Single-Family Detached homes and 61.5 percent for Single-Family Attached homes.
As temperatures drop, existing home sales continue to be plentiful, buoyed by
strong demand, low interest rates, and a slight uptick in new listings in recent
months, according to the National Association of REALTORS®. With interest
rates inching upward, and experts expecting further rate increases on the
horizon, motivated buyers are hoping to lock in their home purchases to take
advantage of what are still historically low rates.
