New residential construction lead the way in disposition transactions through the first two calendar quarters of 2017. Looking at grantors transferring more than two parcel during each month, grantors that we generally associate with new construction accounted for an average of 74 transfers per month in the First Quarter (222 total transfers) and an average of 103 transfers per month in the Second Quarter (309 total transfers). See the attached data.
Turning to existing home sales, data we reviewed indicates a June-to-June decrease of 21 units sold (4.2% decrease YOY). But that news is tempered by a dramatic decrease in Average Days-on-Market (43.5% decrease, from 72.4 to 41) and a 13.5 % YOY increase in Average Median Price (from $148,500 to $168,500.) Overall volume seems constrained by a consistently low 2.8 months of inventory supply. That number varied through the intervening 12-months, but hit 2.8 in June 2016 and in June 2017. A view across MLS listings will show that non-luxury supply is the tight-point in the market, as the supply of homes priced above $500,000 is approaching more than 12-months of inventory.