SEATTLE–Some of the early numbers are in for housing during 2017, and the figures won’t surprise too many people.
The data show home prices were up 7% during the year over 2016, including a 6.8% increase during December. During the last month of the year housing inventory declined 14.5%, according to brokerage firm Redfin. The median sales price for a home in 2017 was $284,500, although it is considerably higher in many markets.
The new year is expected to be much the same.
“Like last year, low inventory will be the biggest driver of the 2018 real estate market. We anticipate a continuation of the same trends we’ve been seeing for the past few years. Price growth will remain strong as many homeowners will remain deterred from selling due to the low mortgage rates they’ve locked in and the high price of their would-be move-up home,” said Nela Richardson, chief economist at Redfin, in a released statement.
According to Redfin, home sales ended a year of fluctuating sales growth with a decrease of 2.8% in December, which marked 27 consecutive months of inventory decline. The typical home that sold in December found a buyer after 49 days on the market, compared to 54 days in 2016, Redfin said.