Looking at MSL date for January 2019, we see confirmation that over-all 2018 was slightly weaker than 2017 – I think, driven in part by a supply constraint, and by some volatility on mortgage rates, changes in the tax code related to home-ownership, and affordability concerns – all of which I’ve written on previously.

Across the broad market, MLS data show 1256 homes for sale, 261 sold in January, and 4.8 Months-of-Inventory. The current supply matches up exactly with MOI in January 2018. Looking at the same month/prior year, we see a slight increase in price-per-square foot ($76 vs. $74). January 2109 delivered a $161k median sold price in the full market.

Looking at the luxury space (we define as over $400k) for January 2019, we find 195 for sale and 10 sold (19.5 Months-of-Inventory). Average price-per-square foot fell from $142 to $137 YoY. January’s median Sold Price in the Luxury Space was $462k – meaning that the top of the space was particularly soft.

Or Mover’s Moving index fell to 99, which seemed a little soft. See attached. Perhaps we will see an uptick as builders acquire lots for Spring starts.