2017: The Year of Soaring Home Prices
January 16, 2018
Homebuyers paid record prices in 2017, with prices increasing year-over-year every month, according to date released by RE/MAX.
The median home price in December was $232,500, up 3.1 percent from November and up 8.1 percent from one year earlier, with 50 out of the 54 markets tracked by RE/MAX reporting increases. However, the overall average number of home sales was down by 2.5 percent from November and down 3.3 percent from December 2016; only 15 of the 54 metro areas experienced an increase in sales year-over-year.
The average number of days on the market for homes sold in December was 57, up three days from the average in November but down five days from the December 2016 average. The number of homes for sale in December was down 14 percent from the previous month and down 14.6 percent from the previous year, while the inventory supply increased to 3.7 months from November’s 3.6-month level but was below the December 2016 level of 4.2 months.
“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.”
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