August Monthly Market Report
As the school-aged among us work their way back into classrooms across America, we continue to monitor key improvements in the local housing market with a keener eye. With two-thirds of 2012 complete, we’re starting to get a sense for how the year will shake out. Headlines include encouraging phrases like “Recovery Takes Hold,” “Home Prices on the Rise” and “Situation Eases for Sellers.” Local market conditions may stray from this on occasion, but overall, the state and region has begun to show improvement.
New Listings in the Western Upstate region decreased 6.2 percent to 564. Pending Sales were down 24.0 percent to 209. Inventory levels shrank 8.2 percent to 3,877 units.
Prices remained under pressure. The Median Sales Price decreased 4.6 percent to $125,000. Days on Market was up 2.0 percent to 164 days. The supply-demand balance stabilized as Months Supply of Inventory was down 6.8 percent to 16.5 months.
With election season in full swing, both politicians and economists will place extra emphasis on jobs and unemployment figures. Recognizing the relationship between jobs and housing demand, the most tuned-in agents and brokers will do the same. The truth is, the economy is and has been expanding consistently for years, albeit at a disjointed pace. There’s reason for optimism going into the last third of 2012 and even into 2013, and housing is actually playing a large role in that positive outlook.
This information source is the Western Upstate MLS.