For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1% for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9%. Historically, the average rate has been around 6.0%. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.
• Single Family Closed Sales were up 7.4% to 6,777.
• Townhouse-Condo Closed Sales were up 10.2% to 2,064.
• Adult Communities Closed Sales were up 9.0% to 742.
• Single Family Median Sales Price increased 1.0% to $299,000.
• Townhouse-Condo Median Sales Price decreased 4.2% to $242,500.
• Adult Communities Median Sales Price increased 6.8% to $192,250.
Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.