Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.
New Listings were down 18.8 percent for single-family homes and 15.3 percent for townhouse-condo properties. Pending Sales increased 11.4 percent for single-family homes but decreased 3.4 percent for townhouse-condo properties.
The Median Sales Price was up 4.7 percent to $225,000 for single-family homes and 0.3 percent to $190,250 for townhouse-condo properties. Months Supply of Inventory decreased 22.6 percent for single-family units and 1.0 percent for townhouse-condo units.
The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers. Read