Existing-home sales rose 5.6 percent in November from one month prior while new home sales increased 17.5 percent.
The new tax law reduces the limit on deductible mortgage debt and limits the deductibility of the real estate tax up to $10,000.
Among REALTOR® survey respondents, the median expected price change for the next 12 months was 2.9 percent.
Most REALTORS® Expect “Strong” Market Conditions in the Next Six Months Based on November 2017 Survey
REALTORS® broadly expect sales to be “strong” than “weak” in the next six months across property types.
Why has the share of first-time buyers who obtained low downpayment mortgages not budged up significantly even with these low downpayment conventional financing programs?
Based on the new tax law, there is no change for capital gains on the sale of a home and deductibility of interest paid for a second home. However, the new law affects the deductibility of mortgage interest and real estate taxes.
The national index level in October reached a new high and is up 6.2 percent from a year earlier.
In 2017, the time on market plummeted to an all-time low—at just three weeks—to sell a home.
REALTORS® report “low inventory” and “tax reform” as the major concerns affecting transactions in November 2017.
An overwhelming majority of recent home buyers this year worked with a real estate agent to purchase a home at 87%.
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