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%.
Share of First-time Buyers Held Steady at 32% in 2017 as Home Prices Continue to Increase under Tight Supply
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.
This holiday is recognized as a day of service, and is an opportunity to serve your community. Based on data from the 2017 Member Profile and 2017 Firm Profile we can see how REALTORS® are volunteering in their community.
During the September–November 2017, properties sold in less than 31 days in 16 states: Washington, Oregon, California, Nevada, Utah, Colorado, North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Indiana, Kentucky, Tennessee, Rhode Island, and Massachusetts. Properties also sold in less than 31 days in the District of Columbia.
After five consecutive years of solid gains, home price growth in 2018 is likely to calm down measurably and rise by only 2% on a nationwide basis.
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