CAAR 2019 Q-1 Housing Market Report Key Takeaways Economic Conditions
• Notwithstanding a modest employment decline in the most recent months of data, the Charlottesville regional economy is stable and provides a steady bedrock for the local housing market, though there may be early signs of softening demand.
• Mortgage interest rates remain at historically low levels. Potential homebuyers and sellers should expect rates to remain low, at least through the spring and into the summer.
Housing Market Conditions
• Sales declined or remained flat in most jurisdictions in the CAAR footprint in the 1st quarter compared to last year. The moderating sales activity began in the 4th quarter of 2018 after several years of growth at the region-level.
• The regional inventory of active listings is not shrinking at the same rate as the past few years and has remained flat for several quarters, which could reflect a stabilization of the supply in the coming months. Similar trends are occuring in other housing markets in the state.
• Homes are taking slightly longer to sell relative to last year in many parts of the CAAR footprint.
• The median sales price in the region continues climb relative to last year, albeit more slowly than in prior quarters. Several local markets within the CAAR footprint have had declines in the median sales price over the past few quarters.
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