It's autumn, and the temps are chilly. The same can be said for the housing market, which has cooled down -- typical for this time of year. The good news is: Mortgage rates are low and a strong economy is keeping the market moving. In this the last quarter of 2019, fewer homes are on the market, but there is less competition for those listings so buyers and sellers have balanced opportunity.
New listings increased 0.3 percent, pending sales increased 5.2 percent, and inventory decreased 22.6 percent. Median sales price increased 9.1 percent to $205,000 for residential homes, while days on market increased 20.0. Months supply of inventory decreased 22.9 percent.
Discussions are underway in Washington about changes to the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac as well as reforms to federal agencies involved with mortgage financing. These are tentative changes, which have not yet been established. While the colorful leaves are falling all around, the real estate market is standing tall.
