The latest statistic for home sales have come out, and they tell a slightly unsurprising story. At least for those of us in the housing market. And that is that while the median sales price is on the rise, the number of homes sold has declined over this some period of time last year. There are many ways to read stats, but this is how I look at it. Number of sales is down about 10% from this time last year. And the number of homes available is also down about 10%. I think there is a correlation there. Couple that with the days on market is down 13%, it tells me a story that there would be more sales if there were more houses for sale. Prices are up across Jackson County about 9% year over year. But I believe we are getting to a point where sellers need to be Image titlea little cautious to think that that trend will continue into 2017.
Wages are not rising 10% a year, so at some point there will be a leveling off of the value of homes that are affordable by the local buyer.
The one area that the stats show an increase in the number of units sold though is new construction. After many years of no construction, the demand for new homes is certainly there, and evident in the stats.
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