The National Association of Realtors® total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.1 percent in 2017 to a 5.51 million sales pace and surpassed 2016 (5.45 million) as the highest since 2006 (6.48 million).
- The median existing-home price for all housing types in December was $246,800, up 5.8 percent from December 2016 ($233,300).
- December’s price increase the 70th straight month of year-over-year gains.
- Total housing inventory at the end of December dropped 11.4 percent to 1.48 million existing homes available for sale.
- The number of existing homes for sale is now 10.3 percent lower than a year ago (1.65 million).
- The inventory of existing homes for sale has fallen year-over-year for 31 consecutive months.
- Unsold inventory is at a 3.2-month supply at the current sales pace, which is down from 3.6 months a year ago.
- Currently, the present inventory of homes for sale is the lowest level since NAR began tracking in 1999.