2017 Closes Strong, Record High December Home Prices

 

January 2018 RE/MAX National Housing Report

January 16, 2018

DENVER – While sales dropped slightly from a year ago, December capped off a 2017 of record home prices, speedy sales and low inventory.

The January RE/MAX National Housing Report shows the median home price rose 8.1% year-over-year, with 50 of the report’s 54 markets posting increases. At the same time, December sales dropped 3.3% from December 2016, with 39 markets reporting fewer transactions. Making sales harder was a Months Supply of Inventory of 3.7 which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6% decline in inventory, lengthening a streak of monthly declines that began in November 2008.

Also setting a report record for December was the speed of home sales: 57 days. That figured into an overall 2017 median for Days on Market of 52.5 — nearly a week less than the 2016 median of 58.5 days.

Home buyers paid record prices in 2017, led by June’s Median Price Sold of $245,000. Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases dating back to April 2016.

“We see the median sales price of homes across the country rising every month, year-over-year, but the days on market and the supply of homes for sale hit record lows in December,” said Adam Contos, RE/MAX Co-CEO. “If inventory keeps getting tighter across the country it’ll be interesting to see how it might affect sales.”

 

To view the complete story please click here.


Contact us  to help you to sell your home and find the home of your dreams!  We specialize in Laguna Beach, Newport Beach, Huntington Beach, Dana Point, San Clemente and our inland coastal communities.

Make it a great day!

Jeff

Your Name (required)

Your Email (required)

Subject

Your Message

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
captcha

Leave a Reply

Your email address will not be published. Required fields are marked *