December 2017
The number of homes for sale, days on market and months of supply were all down
in year-over-year comparisons in a majority of the country for the entirety of 2017,
as was housing affordability. And although total sales volumes were mixed, prices
were consistently up in most markets. Buyers may not benefit from higher prices,
but sellers do, and there should be more listing activity by more confident sellers in
2018. At least that would be the most viable prediction for an economic landscape
pointing toward improved conditions for sellers.
New Listings were up 31.1 percent to 1,033. Pending Sales increased 10.1 percent
to 839. Inventory grew 9.2 percent to 3,637 units.
Prices moved higher as Median Sales Price was up 4.5 percent to $161,936. Days
on Market decreased 19.3 percent to 67 days. Months Supply of Inventory remained
flat at 3.3
Unemployment rates have remained low throughout 2017, and wages have shown
improvement, though not always to levels that match home price increases. Yet
housing demand remained incredibly strong in 2017, even in the face of higher
mortgage rates that are likely to increase further in 2018. Home building and selling
professionals are both cautiously optimistic for the year ahead. Housing and
economic indicators give reason for this optimism, with or without new federal tax
legislation.
Information courtesy of CMLS*
