Housing market remains strong despite seasonal changes
Posted on Monday, December 23, 2013 at 9:47:36 AM
In most years, the winter marks the time of year when housing sales slow down and the market cools off until the spring. Many buyers interested in residential financing instead opt to wait until warmer weather.
However, the current housing market appears to be ignoring those trends, according to Realtor.com's National Housing Trend Report. Median list prices are still high for this time of year, up 6.9 percent month-over-month. Better yet, the inventory is also on the rise, improving from drastic decreases felt earlier in 2013.
Another sign that the winter housing market is performing well is the median age of inventory. Realtor.com reported that it was 10.6 percent lower than the same time last year, which means homes are spending less time on the market.
In addition, other factors may impact the current housing market and those interested in residential financing. According to RE/MAX's National Housing Report, interest rates, the government shutdown and lending regulation have all played their part.
"In a month when we normally expect home sales to slow down, this November we've seen more than seasonality at play," said Margaret Kelly, CEO of RE/MAX. "While the fundamentals for a housing recovery remain in place, the market never moves in a straight line. Along the way, we should expect some fluctuations resulting from a number of different factors."