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Real Estate Said Goodbye to 2017 With Record Prices


Anchorage, Alaska; Wichita, Kansas; Fargo, North Dakota; and Wilmington-Dover in Delaware were the only four metro areas that saw a year-over-year decrease in median sale prices whereas sale prices in 10 metro areas increased in double-digit percentages ...


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Author: Radhika Ojha in Daily Dose, Data, Featured, News January 17, 2018 0 Median home prices rose 8.1 percent year-over-year according to the January National Housing Report by RE/MAXThe report indicated that 50 of 54 markets surveyed by RE/MAX reported price increases even the sales in December 2017 dropped 3.3 percent from a year earlier, with 39 markets reporting fewer transactions. The report indicated that a monthly supply of inventory of 3.7, which is the lowest December figure recorded in the nine-year history of the report, made sales harderThis corresponded with a 14.6 percent decline in inventory, lengthening a streak of monthly declines that began in November 2008Even though the speed of home sales was recorded at 57 days, the overall days on the market median for 2017 was at 52.5 days—nearly a week less than the 2016 median of 58.5 days. “We see the median sales of home prices across the country rising every month, year-over-year, but the days on market and the supply of homes sales hit record lows in December,” said Adam Contos, Co-CEO of RE/MAX. In 2017, homebuyers paid record prices to buy homes, led by June’s median price sold of $245,000Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases, the report said. “If inventory keeps getting tighter across the country, it’ll be interesting to see how it might affect sales,” Contos said. In terms of closed transactions, the overall average number of home sales decreased by 2.5 percent in December compared to November 2017 and decreased 3.3 percent compared to a year-ago periodHowever, 15 of the 54 metro areas surveyed experienced an increase in sales year-over-year and included Trenton, New Jersey; Richmond, Virginia; Burlington, Vermont; and Raleigh-Durham, North Carolina. Anchorage, Alaska; Wichita, Kansas; Fargo, North Dakota; and Wilmington-Dover in Delaware were the only four metro areas that saw a year-over-year decrease in median sale prices whereas sale prices in 10 metro areas increased in double-digit percentages, with the largest increases seen in San Francisco, California; Las Vegas, Nevada; Seattle, Washington; and Boise, Idaho. good Home Prices HOUSING Inventory market RE/MAX sales year 2018-01-17 Staff Writer tweet !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/all.js#xfbml=1"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); (function() { var po = document.createElement('script'); po.type = 'text/javascript'; po.async = true; po.src = 'https://apis.google.com/js/plusone.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(po, s); })(); Previous: Chicago Town Hall Tackles Diversity With Mortgage & LGBT Leaders Next: Checks and Balances: Ensuring Gender Equality in Lending About Author: Radhika Ojha Radhika Ojha, Online Editor at the Five Star Institute, is a graduate of the University of Pune, India, where she received her B.Ain Commerce with a concentration in Accounting and Marketing and an M.Ain Mass CommunicationUpon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features sectionOjha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communicationsShe and her husband currently reside in Dallas, TexasShe can be reached at [email protected] Leave a Reply Cancel reply Your email address will not be publishedRequired fields are marked *Comment Name *Email *Website Related Articles Refinance Volumes Increased in November 2017 January 18, 2018 Don’t Fund CFPB In Q2 Mulvaney States January 18, 2018 10 Most Competitive Housing Markets in the U.S. January 18, 2018 Homeowners Might Not be Ready to Sell Just Yet January 18, 2018 Checks and Balances: Ensuring Gender Equality in Lending January 18, 2018 Chicago Town Hall Tackles Diversity With Mortgage & LGBT Leaders January 17, 2018 APPLICATIONS Rising Housing Demand Leads to Increase in Mortgage Applications January 17, 2018Author: Radhika Ojha MORTGAGE Refinance Volumes Increased in November 2017 January 18, 2018Author: nicole_casperson AFFORDABILITY Affordability Gap Leads to Rise of Alternative Housing January 16, 2018Author: Radhika Ojha FEDERAL RESERVE Powell and Montgomery Noms Back on Track for Full Senate Vote January 17, 2018Author: David Wharton FUNDING Don’t Fund CFPB In Q2 Mulvaney States January 18, 2018Author: Radhika Ojha MORTGAGE 10 Most Competitive Housing Markets in the U.S. January 18, 2018Author: Radhika Ojha Newsletter Thank you, your sign-up request was successful! 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