Amid strong demand and tight supply, REALTORS® reported that properties that sold in April 2018 were typically on the market for 26 days, down from 29 days compared to the same month last year.
In states such as Florida and Texas, REALTORS® reported that buyer traffic was stronger but seller traffic has not increased compared to one year ago.
A very rare event is occurring in the economy: the total number of job openings exceed the number of unemployed.
Strong employment growth has bolstered housing demand, with the unemployment rate falling to 3.8% in May 2018, the same rate in April 2000 and just a tad higher than in October 1969 (3.7%).
REALTORS® report “low inventory”, “interest rates”, and “multiple offers” as the major issues affecting transactions in April 2018.
At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates rose to 4.42 percent this March, up 8.2 percent compared to 4.28 percent a year ago.
Buyer demand continues to outpace supply of homes being listed for sale in the market, sustaining the upward pressure on home prices.
Respondents from the states of Washington, Oregon, Idaho, Nevada, Utah, Wyoming, Colorado, Rhode Island, and the District of Columbia expect the highest price growth in the next 12 months.
The states with the highest estimated median property values in 2017 are Hawaii ($637,892), District of Columbia ($605,756), California ($522,431), Massachusetts ($396,992), and Colorado ($342,967).
Mortgage rates fell to 4.42 percent this February, down 0.2 percent compared to 4.43 percent a year ago.
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