December 2017 EHS Over Ten Years
Every month NAR produces existing home sales, median sales prices and inventory figures. The reporting of this data is always based on homes sold the previous month and the data is explained in comparison to the same month a year ago. We also provide a perspective of the market relative to last month, adjusting for seasonal factors, and comment on the potential direction of the housing market.
The data below shows what our current month data looks like in comparison to the last ten December months and how that might compare to the “ten year December average” which is an average of the data from the past ten December months.
- The total number of homes sold in the US for December 2017 is higher than the ten year December average. Regionally, all four regions were above the ten year December average, while the Midwest and South led with stronger sales.
- Comparing December of 2007 to December of 2017 more homes were sold in 2017 in the US and all regions, the West leading with the biggest gain of 22.5 percent. The US had an increase of 20.8 percent while the Midwest had an uptick in sales at 20.3 percent. The South had gains of 21.3 percent. The Northeast region had the slowest pace in sales over the ten year period. Since 2012 existing home sales have gradually increased year over year showing home sales have been stable leading up to 2018.
- This December the median home price is higher than the ten year December average median price for the US and all four regions. Price growth has been steady over the last ten years.
- Comparing December of 2017 to December 2007, the median price of a home increased in all regions. The South led all regions with price growth of 27.5 percent followed by the West with 20.3 percent. The US had an incline in price of 19.1 percent while the Midwest experienced a gain of 20.1 percent. The Northeast had the smallest gain of 1.9 percent.
- The median price year over year percentage change shows that home prices were on the decline in 2007 nationally, with the West having the biggest drop of 10.4 percent. Prices dipped by double digits in three of the four regions in 2008 in which the Northeast had the smallest decline of 9.3 percent. The West had the largest drop in prices of 25.8 percent. The trend for median home prices turned around completely in 2012, when all regions showed price gains. The West had the biggest price increase of 20.1 percent and the US showed 11.1 percent gains. The South had an increase of 9.6 percent followed by the Midwest with 9.2 percent. The Northeast had the smallest gain that year of 5.0 percent.
- There are currently fewer homes available for sale in the US this December than the ten year December average. Inventory figures over the ten year time period has declined substantially having only increased for single family homes and were flat for condos in 2013.
- This current December the US had the fastest pace of homes sold relative to the inventory when months supply was 3.1 months. In 2007, the US had the slowest relative pace when it would have taken 9.6 months to sell the supply of homes on the market at the prevailing sales pace. This was also the case for the condo market which had the biggest challenge in when it would have taken 11.5 months and single-family 9.3 months to sell all available inventory at the prevailing sales pace.
- The ten year December average national months supply is 6.0 while single family is 5.8 and condos are 7.1 months supply.