| The National Association of Realtors® reported that its Pending Home Sales Index [PHSI] jumped up 1.6% in December. The pop in the report was the result of improved sales in the South and West. Activity in the Northeast and Midwest was not as robust.
The PHSI climbed to 109.0 in December from 107.3 in November, which is now 0.3% above last December, which was reported at 108.7. In December, sales were up approximately 10% as compared to December 2015 for homes sold at or above $250,000; the homes that sold between $100,000 and $250,000 increased by 2.3%. For the category of homes under $100,000, they were down 11.6% compared to 2015. The PHSI in the Northeast declined 1.6% to 96.4 in December, and is 1.2% lower than in 2015. The PHSI in the South rose 2.4% to an index of 121.3 in December. The PHSI in the West jumped 5.0% in December to 106.1, and is now 5.0% higher than 2015. In 2016, existing sales increased 3.8% and prices rose 5.2%. According to the National Association of Realtors® – existing-home sales are forecast to be around 5.54 million in 2017, which is an increase of 1.7% from 2016. Based upon such reports, 2016 was the best year of sales since 2006. The national median existing-home price in 2017 is expected to increase around 4%. |
