February 2018 News
National Market Update
Note December data below is the most recent published by the National Association of Realtors®.
National Association of Realtors® (NAR) data shows that sales of existing homes relaxed in most of the U.S. in December, but for all of 2017 sales grew 1.1% -- in fact 2017 turned out to be the best year for sales in 11 years. December's existing-home sales slipped 3.6 percent to a seasonally adjusted annual rate of 5.57 million from a 5.78 million in November.
NAR's chief economist, Lawrence Yun, said the housing market performed well in 2017, with notable wealth gains for homeowners and historically low distressed property sales. “Existing sales concluded the year on a softer note, but they were guided higher these last 12 months by a multi-year streak of exceptional job growth, which ignited buyer demand,” Yun said. He added, “At the same time, market conditions were far from perfect. New listings struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.”
Housing Data Takeaways
Regarding first-time buyers, NAR's economist Lawrence Yun suggested that, “Rising wages and the expanding economy should lay the foundation for 2018 being the turning point towards an uptick in sales to first-time buyers,” adding that “...if inventory conditions fail to improve, higher mortgage rates and prices will further eat into affordability and prevent many renters from becoming homeowners.”
The Best Homes Sell Fast!
Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:
Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.
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