During a point in time when record-low mortgage rates should be coercing new home buyers into the market, many potential first-time buyers are seemingly not able to afford what is on the market. As labor costs and demand grow, and as a construction labor shortage continues, builders tend to lean more towards building expensive homes and creating a tight supply of entry-level homes. Not all situations match this scenario, but it is certainly an interesting time in the residential real estate marketplace.
• New Listings decreased 1.8% to 2,261
• Pending Sales increased 11.8% to 1,606
• Closed Sales decreased 0.8% to 1,172