With the kids back in school and the weather cooling, the housing market begins its annual cooldown as well. Nationally, buyer and seller activity
remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other
than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the
market, but also less competition for those homes.
Closed Sales increased 66.3 percent for single-family homes and 37.8 percent for condos. Pending Sales increased 36.7 percent for single-family homes and
36.6 percent for condos. Inventory increased 4.5 percent for single-family homes and 0.1 percent for condos.
The Median Sales Price was down 0.2 percent to $249,450 for single-family homes but increased 2.1 percent to $143,000 for condos. Days on Market
decreased 8.9 percent for single-family homes but increased 1.7 percent for condos. Supply increased 4.0 percent for single-family homes but increased
2.0 percent for condos.
In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac
and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and
eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn
homes around the country, the real estate market this fall is looking far from scary.