A Banner Year for Housing

By
Real Estate Sales Representative with Castles Unlimited®

The housing market had an impressive 2017 year, as another $2 trillion was added, bringing the collective total to $31.8 trillion, according to a recent report by a major real estate company. Home values last year increased 6.5 percent and at the fastest pace since 2013.

 

“This was a record year for home values, as the national housing stock reached record heights in 2017,” says Aaron Terrazas, senior economist of a major real estate company. “Strong demand from buyers and the ongoing inventory shortage keep pushing values higher, especially in some of the nation’s booming coastal markets.”

 

According to the report, Los Angeles, New York, and San Francisco were the most valuable markets in 2017, at $2.7 trillion, $2.6 trillion, $1.4 trillion, respectively. Though it didn’t exceed $1 trillion, Columbus, Ohio grew at the most rapid rate.

 

Meanwhile, money spent on rent increased by 1 percent from 2016, from $480.1 billion to $485 billion.

“Renters spent more than ever on rent this year, but the amount they spent grew at the slowest pace in recent years as more renters transitioned into homeownership and new rental supply slowed rent growth across the country,” Terrazas says.

 

He predicts that housing in 2018 will maintain this trend, despite the federal tax code changes.

 

“Despite recent changes to federal tax code hat have historically made homeownership financially attractive, the long-term dynamics pushing up home values and rents are unlikely to change significantly in 2018,” Terrazas says.

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Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good afternoon James Lowenstern 

Thank you for sharing your information

Have a great day.

Jan 23, 2018 11:07 AM #1
Rainmaker
3,984,330
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Well, it will be a banner year if we can find some homes for my buyers to buy

Jan 23, 2018 02:49 PM #2
Rainmaker
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James Lowenstern
Castles Unlimited® - Newton, MA
Castles Unlimited. Newton MA Real Estate

William...it's the human condition...too much inventory usually happens with high interest rates and high unemployment.  When things are good in the economy people still complain.  In this case there's not enough inventory...it's always something.  I wish you a good market and a good year ahead!  Best, Jim

Feb 16, 2018 06:16 AM #3
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James Lowenstern

Castles Unlimited. Newton MA Real Estate
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