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.
New Listings were down 17.4 percent for single family homes but increased 6.3 percent for Condo/TIC/Coop properties. Pending Sales decreased 6.7 percent for single family homes and 14.4 percent for Condo/TIC/Coop properties.
The Median Sales Price was up 10.9 percent to $1,500,000 for single family homes and 17.0 percent to $1,237,500 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 33.3 percent for single family units and 16.0 percent for Condo/TIC/Coop units.
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 developing story.
Click here for full report: SFAR_MarketFocus_2017-Nov