It has been several months since news cycles have touched upon housing in any sort of sensationalistic headline grab that was common during the boom and bust atmosphere of a decade ago. During that tumult, heady price increases gave way to a Great Recession and foreclosure crisis. Then we entered into a period of healing and eventual recovery that we are still enjoying.
For residential real estate in 2017, fewer headlines have meant mostly good news.
- Closed Sales decreased 11.6 percent for Detached homes and 12.2 percent for Attached homes.
- Pending Sales increased 5.8 percent for Detached homes but decreased 11.4 percent for Attached homes.
- The Median Sales Price was up 4.6 percent to $680,000 for Detached homes and 2.1 percent to $413,500 for Attached homes.
- Days on Market decreased 5.3 percent for Detached homes and 21.9 percent for Attached homes.
- Supply decreased 28.6 percent for Detached homes and 7.1 percent for Attached homes.
Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to keep prices from skyrocketing toward another bubble. Low affordability has started to become a recent topic of conversation and is definitely worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to be hard-pressed to lower prices.