What does the 2018 Characteristics of New Housing Report say about last year’s national housing market?
First of all, it said that 840,000 single-family homes were built, and they had the following characteristics:
- 10% had two bedrooms or less
- 45% had three bedrooms
- 45% had four bedrooms or more
- 36% of homes had three or more bathrooms (when I first got into real estate 33 years ago, a home with more than two bathrooms outside of the luxury market was unheard of)
- The median size was 2,386 square feet
Of the 617,000 single-family homes sold in 2018, the following numbers were reported:
- 75% were purchased using conventional financing
- 6% were purchased using cash
- The median sale price was $326,400
- The average sale price was $385,000
- The median size was 2,435 square feet
“All in all, our market is fairly strong.”
When we look at the NAR statistics for all residential sales, there were 5,340,000 in total. The average days on market for those homes was 120 days. Here are the year-over-year statistics so far for 2019:
- Home sales are up 2.7%
- Supply is up 2.4%
- The average days on market has risen to 130 days
Here’s what was recorded for the Phoenix area, in particular:
- Resale home sales are up 4.3%
- New inventory is up 4.1%
- The average sale price is $347,500
- The median price is $278,000
- The average days on market is 65 days
All in all, our market is fairly strong, and I hope this information helps you with your buying and selling plans moving forward in 2019. If you have any other questions about our market, don’t hesitate to reach out to me. I’d love to help you.
