The Pending Home-Sales Index dipped 3.3% last week, which helped to fuel more doomer talk (examples here and here).
People assume that if the stats don’t rise every year, then we have a problem. But doesn’t the number of homes for sale affect the outcome? If there are 9% fewer new listings nationally this year, then a 3.3% drop in the new pendings doesn’t sound bad.
But local is what matters – how did we do in May?
NSDCC May Sales and Pricing
| Year | |||||
| 2013 | |||||
| 2014 | |||||
| 2015 | |||||
| 2016 | |||||
| 2017 |
We had a year-over-year 9% drop in new listings over the first five months of 2017, yet May sales were 10% higher (and late-reporters will add more).
They are selling fast too. The median DOM (days-on-market) was 16 days, which was the same as 2013 when we were in full-tilt boogie mode. Almost half the houses sold are finding their buyer within the first two weeks!
Updated 6/10/17
