In a report released on November 21, 2018, the National Association of Realtors described how existing home sales were up 1.4% in October over September after six months of decreases. This seems exciting! But sales are down 5.2% compared to last year (October 2017), and the report includes single-family homes, condos, and co-ops. But what does this mean for buyers and sellers in the housing market now?
Cash sales are up slightly (3% YOY) and home sales to investors are also up 2%. Yet one of the biggest differences being observed in the housing market is within certain price ranges:
% Change in Sales Since Last Year
|0 – $100K||-10.9%|
|$100 – $250K||-1.9%|
|$250 – $500K||+4.6%|
|$500 – 750K||+0.9%|
|$750K – $1 Million||+7.5%|
|$1 Million +||+6.5%|
Home prices are also slightly up over last year — 3.8% — with the median sale price coming in at $255,400.
If you’re looking to buy a home, the housing market you’re searching in can have a lot of impact a lot on what you end up paying for a home, how hard it is to get an offer accepted by a seller, and how long it takes you to find — and close on — the right home.