2019 Market to Date: Steady & Positive
At this point in the year, we are getting a good sense for how the housing market is trending for 2019. An extended trend of low unemployment, higher wages and favorable mortgage rates has been a major factor in housing stability. The Fed just announced that they would hold interest rates steady. This is positive news for buyers who were fearful of multiple rate hikes this year.
The Average Sales Price for Single Family Homes was up +6.3% to $2,147,560 in May, Year Over Year, while Condo/TIC/Co-ops decreased by -4.2% to $1,340,145.
The bar chart below shows the 3-year Average Sales Price trend for Single Family Homes (YOY) which are moving up steadily while Condo/TIC/Co-ops Average Sales Price are relatively flat over the 3 year period.
*Source SFARMLS May Market Report
Average Sales Price Year-Over-Year