November 2017
The facts of residential real estate have remained consistent in 2017. In year-overyear
comparisons, the number of homes for sale has been fewer in most locales,
and homes have been selling in fewer days for higher prices. This hasn't always
been true, but it has been a common enough storyline to make it an overarching
trend for the year.
New Listings were up 26.7 percent to 1,294. Pending Sales increased 19.4 percent
to 971. Inventory grew 10.6 percent to 3,956 units, the eleventh consecutive month
of year-over-year gains.
Prices moved higher as Median Sales Price was up 6.6 percent to $159,900. Days
on Market decreased 12.5 percent to 70 days. Months Supply of Inventory was up
2.9 percent to 3.6 months, the eleventh consecutive month of year-over-year gains.
New tax legislation could have ramifications on housing. The White House believes
that the tax reform bill will have a small impact on home prices, lowering them by
less than 4 percent, and could conceivably boost homeownership. The National
Association of REALTORS® has stated that eliminating the mortgage interest
deduction could hurt housing, as the doubled standard deduction would reduce the
desire to take out a mortgage and itemize the interest associated with it, thus
reducing demand. This is a developing story.
Information courtesy of CMLS*
