This updated housing data provides further insight into market trends, showing significant shifts in inventory, pricing, and sales activity. Here are the key takeaways:
1. Rising Inventory and Supply
- Completed new houses for sale increased 1.77% monthly and 38.55% annually, with an average annual increase of 5.48%.
- The monthly supply of new houses surged 12.50% monthly and 8.43% annually, indicating growing availability.
2. Declining Cash Purchases & Slower Sales
- Cash purchases dropped 42.86% month-over-month and 27.27% year-over-year, suggesting fewer cash buyers in the market.
- Total new houses sold by sales price remained flat on a monthly basis but declined 3.45% annually.
3. Price Trends Reflect Moderate Growth
- The median sales price of new houses increased 0.94% monthly and 1.26% annually, with an average annual increase of 17.89%, suggesting long-term price resilience.
- The average sales price rose 2.33% monthly and 2.74% annually, averaging an 18.67% annual increase, indicating sustained pricing strength despite weaker demand.
4. Homes Taking Longer to Sell
- The median number of months on the market for newly completed homes rose 11.11% monthly and 7.89% over the past three months, showing slowing turnover rates.
What This Means for the Market
- The rising supply of homes suggests a market gradually shifting toward buyers.
- Weaker sales & fewer cash buyers indicate affordability concerns and high borrowing costs.
- Housing prices remain firm, but a cooling trend could emerge if sales continue to lag.
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