Closed Home Sales Down in April After Record Inventory Lows and Rising Prices

Front Porch Of Resedential Home With Autumn DecorationsLow inventory and rising prices caught up to the spring market, with single-family home sales decreasing over eight percent from this time last year. Both single-family and condominium prices saw a hike. Condominium sales decreased almost 10 percent from April 2016.

Read more in the full April 2017 Closed Sales Release.

  • April single-family home sales went down -8.5% over last year (3,735 sales in 2017 from 4,082 sales in April 2016)
  • April single-family median prices went up 3.6% year-over-year (to $362,500 in 2017 from $349,900 in April 2016)
  • April condo sales went down -9.5% and median prices went up 4.6% (to $345,000)
  • Inventory in April went down -31.8% to 13,234 and condominiums available down -28.4% to 3,729
  • SF listings added to the market in April went down -9.5% over last year. (7,706 from 8,513 in 2016)
  • Condo listings added to the market went down -11.1% over last year. (2,640 from 2,971 in 2016)

Modest Gains for Pending Home Sales as Prices Continued to Climb in April

Single-family pending home sales increased again in April, but only by one percent compared to the same time last year. While single-family pending sales were up, condominiums put under agreement went down over six percent in April. The median price for both single-family homes and condos continued their upward trend. Realtors® confidence both in the market and in home prices was positive in April, with the Realtor® Market Confidence Index reaching a new high.

April Pending Sales:

Single Family April 2017 April 2016 % Change
Sales 6,062 6,001 1.0%
Median Price $360,000 $349,900 2.9%
  • Pending sales have been up 49 of the last 50 months
Condominium April 2017 April 2016 % Change
Sales 2,316 2,470 -6.2%
Median Price $345,000 $329,950 4.6%
  • Pending sales have been up or flat 18 of the last 20 months

Realtor® Market and Price Confidence Indexes:

Confidence Index April 2017 April 2016 %Change
Market 85.47 82.88 3%
Price 80.34 76.71 5%
  • The Realtor® Market Confidence Index has been up or flat for 25 straight months
  • Highest Realtor® Market Confidence Index has been since MAR began recording the data in 2008
  • The Realtor® Price Confidence Index is up over the 80 mark for the second time since 2015
  • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition

Spring Market Blooming Despite Ongoing Inventory Shortage and High Prices

Front Porch Of Resedential Home With Autumn Decorations

The number of closed single-family home sales were up more than two percent over March 2016, with median price also seeing a hike. This is despite the month seeing the lowest number of homes for sale since MAR began recording the data in 2004. Condominium sales and price also rose over last year. 

Read more in the full March 2017 Closed Sales Release.

  • March single-family home sales went down 2.1% over last year (3,615 sales in 2017 from 3,540 sales in March 2016)
  • March single-family median prices went up 6.6% year-over-year (to $350,000 in 2017 from $328,375 in March 2016)
  • March condo sales went up 11.3% and median prices went up 8.2% (to $334,950)
  • Inventory in March went down -34.4% to 11,892 and condominiums available down -30.8% to 3,478
  • SF listings added to the market in March went down -13.5% over last year. (7,180 from 8,300 in 2016)
  • Condo listings added to the market went down -7.0% over last year. (2,785 from 2,995 in 2016)


Pending Sales Increases Continue from Busy Winter into the Spring Market

The spring market is off to a good start with pending sales up over six percent from this time last year. Pending sales have been up 48 of the last 49 months. Condominiums put under agreement also saw a hike over last year, with an increase of over 14 percent from 2016. The median price for both single-family homes and condos also saw a boost. Realtors® confidence both in the market and in home prices was positive in March.

March Pending Sales:

Single Family March2017 March2016 % Change
Sales 5,848 5,491 6.5%
Median Price $350,000 $328,375 6.6%
  • Pending sales have been up 48 of the last 49 months
Condominium March2017 March2016 % Change
Sales 2,414 2,107 14.6%
Median Price $335,000 $309,700 8.2%
  • Pending sales have been up or flat 18 of the last 19 months

Realtor® Market and Price Confidence Indexes:

Confidence Index March2017 March2016 %Change
Market 78.26 72.79 8%
Price 81.09 74.45 9%
  • The Realtor® Market Confidence Index has been up or flat for 24 straight months
  • The Realtor® Price Confidence Index is up over the 80 mark for the first time since 2015
  • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition

Read the full March 2017 Future Indicators Report.

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Falling Inventory and Rising Prices Finally Catch Up to Closed Home Sales in February

Front Porch Of Resedential Home With Autumn Decorations

Plummeting inventory caused single-family closed sales to dip year-over-year in February, as prices continued to rise. This is the 12th straight month of year-over-year increases in median price. Condominium sales also fell compared to last year, while prices saw another increase.

Read more in the full February 2017 Closed Sales Release.


Highlights from the release:

      • February single-family home sales went down -11.0% over last year (2,519 sales in 2017 from 2,830 sales in February 2016)
      • February single-family median prices went up 6.8% year-over-year (to $330,000 in 2017 from $309,000 in February 2016)
      • February condo sales went down -8.8% and median prices went up 7.9% (to $313,000)
      • Inventory in February went down -34.9% to 11,409 and condominiums available down -29.3% to 3,275
      • SF listings added to the market in February went down -12.9% over last year. (4,369 from 5,018 in 2016)
      • Condo listings added to the market went down -10.6% over last year. (1,715 from 1,919 in 2016)