The facts of residential real estate have remained consistent in 2017. In year- over-year comparisons, the number of homes for sale has been fewer in most locales, and homes have been selling in fewer days for higher prices. This hasn’t always been true, but it has been a common enough storyline to make
it an overarching trend for the year.
Closed Sales decreased 16.9 percent for Detached homes and 20.7 percent for Attached homes. Pending Sales decreased 1.9 percent for Detached homes but increased 18.5 percent for Attached homes.
The Median Sales Price was up 12.9 percent to $700,000 for Detached homes and 11.9 percent to $436,419 for Attached homes. Days on Market decreased 14.6 percent for Detached homes and 18.5 percent for Attached homes.
Supply decreased 28.0 percent for Detached homes and 8.3 percent for Attached homes.
New tax legislation could have ramifications on housing. The White House believes that the tax reform bill will have a small impact on home prices, lowering them by less than 4 percent, and could conceivably boost homeownership. The National Association of REALTORS® has stated that eliminating the mortgage interest deduction could hurt housing, as the doubled standard deduction would reduce the desire to take out a mortgage and itemize the interest associated with it, thus reducing demand. This is a
Market numbers overview: