Welcome to the month of May. Spring is just around the corner. Here are some numbers to kick off the month. The absorption rate for homes for sale is two months. It is actually closer to 1.8 months. That means that if buyers keep buying at the same rate it would take 1.8 months to buy all the houses that are for sale.
At the same time, the median sale price is rising but it is actually lower than it was a year ago, and surprisingly lower than it was last month. The real estate market has been stable and has favored sellers for the last few years.
I have more numbers and analysis of the real estate market on Monday.
The numbers used to make the graph are from the NorthstarMLS and were calculated using 53000 home sales. The data is deemed reliable but not guaranteed.