Realtor.com reports April 2016 is breaking price records. The national median priced home was listed at $245,500, 9 percent higher than last year. Jonathan Smoke, Realtor.com chief economist said that inventory grew 2 percent over March and the median age of houses on the market fell again, which means quicker sales. The national median age of Inventory for April is expected to be 68 days, down 7 percent year over year and down 8 percent from March.
However, Real estate is local and Westchester forecasts are mixed. The median sale price for a house in Westchester was $595,000 for April 2016, a $10,000 increase over the same month last year. The houses going into contract now will close in the Summer 2016. Therefore, the attached chart does not reflect the higher priced closings expected during those months. Even though 2015 prices were down from 2014, volume is up this year so realtors are optimistic that prices will follow suit. 2016 annual sales will probably increase.
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