2017 Closes Strong, Record High December Home Prices
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 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.
“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.”
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. Of the 54 metro areas surveyed in December 2017, the overall average number of home sales decreased 2.5 percent compared to November 2017.
Want to know more about the current real estate market? Click here to download your copy of the January 2018 RE/MAX National Housing Report. If you are looking to sell your Phome or are ready to buy a Phoenix home, please contact The Voss Team today.
The Voss Team
7111 West Bell Road Ste 101
Glendale, Arizona 85308
Follow us on Facebook!