The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation.
Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
Closed Sales decreased 28.9 percent for Detached homes but increased 17.2 percent for Attached homes.
Pending Sales decreased 26.9 percent for Detached homes and 8.5 percent for Attached homes.
The Median Sales Price was up 20.5 percent to $933,625 for Detached homes and 22.2 percent to $617,000 for Attached homes.
Days on Market decreased 29.2 percent for Detached homes and 22.7 percent for Attached homes. Supply decreased 52.6 percent for Detached homes and 57.1 percent for Attached homes.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest
rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rate
