Mortgage rates increased to 4.22 percent this December, up 1.7 percent compared to 4.15 percent a year ago.
Among seller’s agents who closed a sale in December 2017, survey respondents reported they received 2.2 offers (which means sellers received between two to three offers) on their most recent sale.
Experts forecast that the U.S. economy is in for yet another solid year of strength, albeit not at the same level as in 2017.
There are fewer cash buyers in the market, with fewer distressed properties for sale and less interest from investor buyers as home prices have risen steeply since 2012.
Even in states with high property tax rates or property prices, respondents expect either no change or a modest price appreciation of at most 2%.
First-time buyers accounted for 32 percent of all buyers of existing homes in December 2017, also the full-year average.
Ninety percent of respondents reported that home prices remained constant or rose in December 2017 compared to levels one year ago.
Sales for all types of land increased, with residential and commercial land sales as the major growth drivers.
Supply conditions in September–November 2017 compared to supply conditions one year ago were mostly “weak” to “stable” (or unchanged) in many states.
At the national level, housing affordability is down from last month and down from a year ago. Mortgage rates increased to 4.19 percent this November, up 9.3 percent compared to 3.82 percent a year ago.
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