NAR Market Snapshot

Here are some key takeaways from the National Association of Realtors latest housing report:

• Median Price: The median price in the West was $367,400, up 7.3 percent from December 2016
• Existing Home Sales: December 2017, total existing-home sales increased 1.1% in 2017 to a 5.51M sales pace and surpassed 2016 (5.45M) as the highest since 2006 (6.48M)
• Median Home Price: The median existing-home price for all housing types in December was $246,800, up 5.8 percent from December 2016 ($233,300). December’s price increase marks the 70^th straight month of year-over-year gains
• Housing Inventory: Total housing inventory at the end of December dropped 11.4 percent to 1.48 million existing homes available for sale, and is now 10.3 percent lower than a year ago (1.65 million)
• First-time Buyers: First-time buyers were 32 percent of sales in December, which is up from 29 percent in November and unchanged from a year ago
• Days on Market: Properties typically stayed on the market for 40 days in December, which is unchanged from November and down from a year ago (52 days)

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