January 2018 RE/MAX National Housing Report

The January RE/MAX National Housing Report shows the median home price rose 8.1 percent year-over-year, with fifty of the report’s fifty-four markets posting increases. At the same time, December sales dropped 3.3 percent from December 2016, with thirty-nine 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 percent 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: Fifty-seven 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.”

While sales dropped slightly from a year ago, December capped off a 2017 of record home prices, speedy sales and low inventory. Of the 54 metro areas surveyed in December 2017, the overall average number of home sales decreased 2.5 percent compared to November 2017. For more information, download your copy of the January 2018 RE/MAX National Housing Report here.

Whether you are considering buying a home, selling a home or both, Lisa Bray has the experience and skill you need to make an educated, informed decision. Contact Lisa today and receive a complimentary analysis of your home’s approximate present value on the market today.

Lisa Bray

RE/MAX Professionals

www.LisaBray.com

602-762-3691
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