Weekly Special | May 12, 2018

Home Sales Remain Strong Despite April Decline

April home sales fell off 9% in 2018 when compared to the same month in 2017. For the year, sales are up 6% over the first four months of last year.

The graph above was assembled with information provided by the Tallahassee Board of Realtors MLS, meaning it does not include sales that occurred outside of the MLS.

Year over year home sales compares each month’s home sales with the same month from the prior year. Green lines indicate growth, while red lines show declines.

April was only the 11th declining month since the end of 2012 when the market began improving from the housing market collapse of 2006. For the year, home sales grew 5.8% from 1,216 residential units sold in 2017 to 1,287 sold in 2018 (71 additional homes).

Growth To Continue ?

While the rate of the recovery has been slowed by declining inventory and rising mortgage interest rates, demand still appears to be strong.

With declining inventory, we look to local homebuilders to bring more housing units to the market.

We do have concerns about the growth of multi-family for rent that are absorbing many would-be buyers who are not finding homes in their price range. Job growth remains an important variable in all of this as well.

The original one-page Weekly Special PDF is still available.