Home Sales Finish the Year Strong

Real Estate

Homes Sales finish the year of 2017 strong.

Existing home sales closed out the year of 2017 with the best totals since 2006.  New Home Sales closed out 2017 at their highest annual total in a decade, and 14.1% ahead of a year ago. Demand for homes stays strong but inventory is a concern in many areas.   Most of the country is experiencing a seller's market.

This was also a year that saw historically low distressed property sales. They are down 7% from a year ago.

The median existing-home price for all housing types in December was $246,800, the is up 5.8 percent from December 2016.

The average interest rate in 2017 was 3.99%. Interest rates continue to rise.

According to Lawrence Yun, chief economist for the National Association of Realtors, "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,” 

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