Spring 2017 National Real Estate SummaryUS Market Snapshot
Home Prices and Sales Activity Remains Strong
The 4th quarter of 2016 continues to reflect on what turned out to be the best year in the housing market since 2006. Even with a slight turn down in activity in December 2016 home prices continue to rise, home are selling fast, and inventory is very tight. The most notable change in the 4th quarter was a significant increase in markets where more buyers than sellers were vying for a limited supply of homes. Our survey showed that in 58% of the markets surveyed there were more buyers than sellers and increase of 4% over the 3rd quarter and an increase of 10% over the 4th quarter of 2015. Additionally, 70% of our markets survey showed a tight supply of homes, an increase of 3% over last year. Also, home prices increased in 86% of the markets surveyed nationwide.
Even with the slowing in activity in December, according the National association of Realtors (NAR) 2016 was the best year in the housing market since 2006 with 5.45 million units sold compared to5.25 million sale in 2015. Median home prices also increased 4% from 2015. The median home price in 2015 was $223,200 compared to $232,200 in 2016.
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