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 down 28.6 percent for single family homes and 39.2 percent for Condo/TIC/Coop properties. Pending Sales decreased 13.0 percent for single family homes but increased 3.9 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 13.3 percent to $1,475,000 for single family homes and 12.3 percent to $1,135,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 42.9 percent for single family units and 33.3 percent for Condo/TIC/Coop units.
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.
|December 2017||Median Price||Days on Market|
|Single Family Homes||$1,475,000||28 Days|
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