2017: The Year of Soaring Home Prices

Jan 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.”

About the author

Phil Hall

Link copied

Published

Jan 16, 2018

Operations

MBA Expands CONVERGENCE With New Knowledge Hub For Lenders

iEmergent-powered dashboard gives mortgage professionals local market insights on demographics, affordability, and homeownership trends

The Mortgage Bankers Association's (MBA) CONVERGENCE initiative has expanded with the launch of the CONVERGENCE Knowledge Hub, a new online resource designed to help lenders, nonprofit organizations, housing counselors, real estate professionals, and community leaders expand...

People On The Move

Click n' Close Appoints Merv Govender As Chief Information Officer

Veteran technology executive brings nearly three decades of leadership in banking, gaming, and healthcare to oversee AI, cybersecurity, and technology strategy

Click n' Close has appointed Merv Govender as its new chief information officer, adding a technology executive with nearly three decades of experience leading digital transformation initiatives across banking, gaming, and healthcare.In his new role, Govender will oversee the...

Aug

Las Vegas, NV

More from

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News

Jun 24, 2026

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power