The best Real Estate Market News since 2006. The only issue is that the rate of income increases are lower than the annual home appreciation increases.
Many first time homebuyers will not be able to buy a home if this trend continues. The good news is that the new Tax Law may change this trend.
WASHINGTON (December 20, 2017) — Existing-home sales surged for the third straight month in November and reached their strongest pace in almost 11 years, according to the National Association of Realtors®. All major regions except for the West saw a significant hike in sales activity last month.
Lawrence Yun, NAR chief economist, says home sales in most of the country expanded at a tremendous clip in November.
“Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end,” he said.
“As evidenced by a subdued level of first-time buyers and increased share of cash buyers, move-up buyers with considerable down payments and those with cash made up a bulk of the sales activity last month.
The odds of closing on a home are much better at the upper end of the market, where inventory conditions continue to be markedly better.”
The median existing-home price for all housing types in November was $248,000, up 5.8 percent from November 2016 ($234,400). November’s price increase marks the 69th straight month of year-over-year gains.