December capped off 2017 with record-breaking home prices, speedy sales and low inventory. One thing is for sure is that the real estate market is on fire, and there’s no indication the flames will be dying down anytime soon. Here are key points from January’s report:
1. Homes are selling fast
In December, homes spent an average of 57 days on the market. That’s the shortest time of any December in the report’s history.
2. Prices are rising
The median sales price of a home sold in December was $232,500. That’s nearly 3 percent higher than the median sales price in December 2016.
3. Inventory continues to shrink
Making sales harder was a low supply of inventory at 3.7 percent — 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.
4. Slightly fewer transactions occurred
The overall average number of home sales fell 3.3 percent compared to December 2016, with 39 markets reporting fewer transactions. The end of year is typically a slower selling season, but buyers should still work with their agents to navigate the competitive market.
Credit: Courtesy of Re/Max Blog