Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list. New Listings in the Western Upstate region decreased 1.9 percent to 558. Pending Sales were down 36.8 percent to 160. Inventory levels rose 2.4 percent to 3,767 units .Prices continued to gain traction. The Median Sales Price increased 2.3 percent to $135,000. Days on Market was up 8.8 percent to 107 days. Sellers were encouraged as Months Supply of Inventory was down 1.6 percent to 12.8 months.The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it’s growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
from the Western Upstate Association of Realtors Monthly Report