2017 A Good Year for Housing

As the numbers come in, 2017 is looking to be a great year for the housing market, with 2018 predicted to be even better.

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development report that sales of new single-family homes in November were 17.5% above the October numbers and 26.6% above last November.

The median sales price of new homes sold in November 2017 was $318,700.

It wasn't just a great month for new home sales, existing home sales rose as well for the third month in a row.

This is great news for the housing market but also for the economy as a whole as housing plays a huge role in the health of the overall economy.

Builders are often selling homes before they are built - a great indicator of demand. Current national inventory is low - just a little over 4 months of available homes.

So what does this mean for you?  Demand is strong and inventory remains low which could push prices higher.  If you are on the fence about buying a new home it's time to make a decision before the cost of a new home goes up.