Welcome To The Housing Market Report
NATIONAL HOUSING ACTIVITY - August 2018
Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
GALLATIN COUNTY HOUSING ACTIVITY - August 2018
Closed Sales increased 14.0 percent for Single Family homes but decreased 2.4 percent for
Condo/Townhouse homes. Pending Sales increased 6.3 percent for Single Family homes and 11.8 percent for Condo/Townhouse homes. Inventory decreased 5.9 percent for Single Family homes and 10.7 percent for Condo/Townhouse homes. The Median Sales Price increased 12.9 percent to $430,000 for Single Family homes and 9.0 percent to $295,500 for Condo/Townhouse homes. Days on Market decreased 1.8 percent for Single Family homes and 32.1 percent for Condo/Townhouse homes. Months Supply of Inventory decreased 10.9 percent for Single Family homes and 11.8 percent for Condo/Townhouse homes. While some are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approached to their predictions. The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating.
The Following Chart Is A View Of Market Activity For Gallatin County.
For August Activity in Bozeman, Belgrade, Manhattan and More - Click Here
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