December 2017

The number of homes for sale, days on market and months of supply were all down i n 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 ma y 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.

Closed Sales were up 0.3 percent in December compared to December 2016. Pending Sales increased 5.2 percent to 2,012, and Inventory shrank 18.3 percent to 7,312.

Median Sales Price wa s up 7.8 percent to $165,000. Average Sales Price rose 4.5 percent in December. Absorption Rat e was down 20.0 percent to 2.4.

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.