Noteworthy stats from 2017
January 23 2018
Looking for a new home but worried about where to buy and when? The good news is that last year's statistics can help predict the fastest-selling neighborhoods in 2018 and what homebuyers can expect when it comes to purchase prices.
New Home Sales and Outlook
The market has seen an increase in new home sales by a staggering 18.9 percent, according to the Associated Press and the Chicago Tribune. In addition to new home sales soaring, studies show that Americans are turning to new construction as a result of the inability to find existing homes.
Freddie Mac reported that 2017 sales were higher than they were in the previous decade, stating that the market is transitioning from a refinance-dominated market to a purchase-dominated one. This led to a reinforcement of low rates and refinance volumes.
2017 Numbers and Recap
Low-interest rates and continuous job growth are predicting favorable economic conditions for the 2018 housing and mortgage market, which is good news for homebuyers. The first 10 months of 2017 reported low mortgage rates by historical standards, which sets the scene nicely for 2018.
As always, we'll continue to stay on top of emerging trends and are available to provide the information you need when the time comes to buy or refinance. Reach out to us today!