A M. Appraisals Blog

Although mortgage rates have edged down, U.S. pending home sales were unchanged from the previous month, with contract activity remaining 0.9% lower than a year ago, according to the National Association of REALTORS®. Contract signings increased both month over-month and year-over-year in the Northeast and South, while the Midwest and West posted declines.

The overall Median Sales Price went up 1.5 percent to $276,490. The property type with the largest gain was the Single-Family Homes segment, where prices went up 2.7 percent to $287,500. The price range that tended to sell the quickest was the $500,001 to $750,000 range at 47 days. The price range that tended to sell the slowest was the $750,001 to $1,000,000 range at 55 days.

Market-wide, inventory levels was up 41.5 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale went up 41.6 percent. That amounts to 3.1 months of inventory for Single-Family Homes and 2.9 months of inventory for Condos.