Week of April 29, 2019

Housing demand trends

Sales compared to average days on market

Sales compared to average days on market
Date Home sales Average days on market
12/2018 408,307 91
11/ 2018 457,343 87
10/ 2018 518,613 81
9/ 2018 481,173 77
8/ 2018 606,262 75
7/ 2018 578,543 72
6/ 2018 626,443 71
5/ 2018 609,237 71
4/ 2018 536,739 75
3/ 2018 522,580 80
2/ 2018 399,387 86
1/2019 314,977 92
Metro Sales change Average days on market changed
Atlanta-Sandy Springs-Roswell, GA down No change
Charlotte-Concord-Gastonia, NC-SC down No change
Chicago-Naperville-Arlington Heights, IL down No change
Cleveland-Elyria, OH down No change
Dallas-Plano-Irving, TX down down
Denver-Aurora-Lakewood, CO down down
Detroit-Dearborn-Livonia, MI down up
Las Vegas-Henderson-Paradise, NV down up
Los Angeles-Long Beach-Glendale, CA down No change
Miami-Miami Beach-Kendall, FL down up
Minneapolis-St. Paul-Bloomington, MN-WI down up
New York-Jersey City-White Plains, NY-NJ down No change
Phoenix-Mesa-Scottsdale, AZ down up
Portland-Vancouver-Hillsboro, OR-WA down No change
San Diego-Carlsbad, CA up down
San Francisco-Redwood City-South San Francisco, CA down down
Seattle-Bellevue-Everett, WA down up
Tampa-St. Petersburg-Clearwater, FL down up

Home sales were down at the end of 2018 and beginning of 2019, but average days on the market (DOM) for a house remained relatively unchanged.1 In November 2018, 457,343 units were sold; a decrease of 20,000 compared to last year. However, DOM was stable—87 days in November 2017 and 89 days in November 2018. Sales took a large dip in January 2019—decreasing more than 65,000 units to 314,977. Yet, the DOM for January 2018 and January 2019 was 92 days.

Rising interest rates and affordability issues may have caused the decrease in home sales at the start of the year. Out of the top 18 housing markets, only San Diego-Carlsbad, California, had a month-over-month increase. Yet, DOM numbers indicate that it could still be a seller’s market.

1Source data: CoreLogic®

Data date: 3/25/2019

 

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