At various times throughout the year, we have looked at the year-over-year numbers for single-family home sales in Forsyth County.
The importance of comparing the numbers to the previous year rather than the previous month is so we can see seasonally what housing is doing in our area.
We know that it wouldn’t prove surprising to know that there are fewer home sales in December than there are in July.
Now that we are halfway through the year, we can take a more encompassing look at the housing market.
With that in mind, we have the following chart showing single-family sales, comparing the first six months of this year to last year.
The numbers do correlate with what we have seen on a monthly basis, which is that the number of home sales have declined from last year, and a 25 percent drop is pretty hefty.
Asking prices have risen, which has resulted in higher average sales prices and higher median sales prices.
Finally, days on market are shorter.
The question most people what to know is what will we see moving forward?
Federal Reserve Chairwoman Janet Yellen is warning that sales have “leveled off,” due to higher interest rates and believes this recent leveling off of the housing market is likely to be “more pro-tracted” than they had expected.
That is nationally.
Locally, I do believe for the rest of this year we will continue to see sales remain lower than last year.
Sales prices will not increase at the same rate as before, but will remain above last year’s numbers.
There are no shortage of buyers, just a shortage of buyers willing to pull the trigger.
With the further threat of rising interest rates, those buyers may become motivated to find some-thing sooner rather than later.
Cash buyers…you’re in the driver’s seat.