Monthly Archives: February 2017

Existing-Home Sales Begin 2017 with a Bang

Source: RISMedia

Existing-home sales began 2017 with a bang, growing 3.3 percent and hitting a 10-year high in January, according to the National Association of REALTORS® (NAR). With the exception of the Midwest, every region saw gains, with total sales reaching 5.69 million—the fastest pace since February 2007.

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” says Lawrence Yun, NAR chief economist. “Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”

The median existing-home price also rose again in January, up 7.1 percent to $228,900 from $213,700 one year prior, according to the report. The median existing condominium and single-family home prices grew, as well: 6.2 percent to $217,400 and 7.3 percent to $230,400, respectively.

The report shows that though existing-home inventory expanded 2.4 percent to 1.69 million, supply is still 7.1 percent lower than one year prior. Months supply of inventory is currently 3.6. Existing homes averaged 50 days on the market, down from 64 days one year prior—38 percent of homes sold, however, were on the market for less than a month. Realtor.com® data show the markets with the shortest days on market were San Jose-Sunnyvale-Santa Clara, Calif. (43 days), San Francisco-Oakland-Hayward, Calif. (47 days), San Diego-Carlsbad, Calif. (55 days), Seattle-Tacoma-Bellevue, Wash. (57 days) and Nashville-Davidson-Murfreesboro-Franklin, Tenn., Vallejo-Fairfield, Calif., and Greeley, Colo. (58 days).

Existing-home sales in the West, according to the report, soared 6.6 percent in January, while sales in the Northeast jumped 5.3 percent and sales in the South rose 3.6 percent. Sales in the Midwest fell 1.5 percent. The median price in the West was $332,300 (a 6.8 percent annual increase); the median price in the Northeast was $253,800 (2.5 percent); the median price in the South was $201,400 (9.2 percent); and the median price in the Midwest was $174,900 (6.5 percent).

First-time homebuyers comprised 33 percent of existing-home sales in January—an uptick from 32 percent in December and one year prior. All-cash sales comprised 23 percent, while distressed sales comprised 7 percent—both dips from one year prior.

“Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” Yun says. “NAR and realtor.com’s new ongoing research—the REALTORS® Affordability Distribution Curve and Score—revealed that the combination of higher rates and prices led to households in over half of all states last month being able to afford less of all active inventory on the market based on their income.”

For more information, please visit www.nar.realtor.

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Home Prices Climb in Unseasonable Winter

Source: RISMedia

It has been an unseasonably hot winter in housing as home prices hike higher, according to Clear Capital’s recently released Home Data Index (HDI) report, showing national quarterly home price growth at 0.9 percent.

Regional quarterly price growth, per the report, was mixed: 0.7 percent in the Northeast, an increase; 0.8 percent in the Midwest, a decrease; and 1.0 percent in the South and West, unchanged. Home prices in 16 of the top 50 largest metropolitan areas—which contain one-third of the nation’s housing stock—have moved past bubble-era peaks. The result, according to Clear Capital Vice President of Research and Analytics Alex Villacorta, is a majority-shift toward positive equity.

“Following several rounds of healthy, peak-season summer growth, winter gains thus far this season have remained relatively healthy across much of the country,” says Villacorta. “As prices have continued to climb in the long term during the post-housing crash, the large portion of the housing market that has been frozen in negative equity has shrunk significantly—meaning that an increasingly large portion of previously underwater homeowners may now have the option of entering the market.”

The market in Portland, Ore., which saw the highest home price growth in the nation in 2016, continues to rank at the top of metropolitan areas measured in the report, growing 2 percent quarter-over-quarter. Another booming market, however—San Jose, Calif.—saw negative quarterly price growth, down 0.3 percent. Hartford, Conn., saw identical negative growth.

Forty percent of homeowners who bought a house during the bubble will regain equity by the end of this year, according to the report, provided prices mirror 2016 movement.

“While the expected spring housing boost is still months away, an influx of fresh new demand on the market could further boost growth potential later this year—as long as there are no other shocks to the market,” Villacorta says.

Source: Clear Capital

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Over Half of Housing Markets Hit Price Peaks

Source: RISMedia

More than half of housing markets saw home sale prices peak at the end of 2016, according to the National Association of REALTORS®’ (NAR) recently released quarterly report, contributing to the best quarterly sales pace of the year. Eighty-nine percent of markets saw home prices increase in the fourth quarter, compared to 87 percent in the third quarter, with 17 percent experiencing double-digital increases.

“Buyer interest stayed elevated in most areas thanks to mortgage rates under 4 percent for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment,” says Lawrence Yun, NAR chief economist. “At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market.”

The median single-family home price nationally was $235,000 in the fourth quarter, up 5.7 percent from the fourth quarter of 2015. Fifty-two percent of the 150 markets analyzed by NAR now have a median price at or above prior all-time highs. The markets with the highest median prices in the fourth quarter were San Jose, Calif. ($1,005,000), San Francisco, Calif. ($837,500), and Anaheim-Santa Ana, Calif. ($745,200); those with the lowest were Youngstown-Warren-Boardman, Ohio ($87,600), Decatur, Ill. ($92,400) and Cumberland, Md. ($94,000).

The highest median home price regionally in the fourth quarter was in the West, at $348,800 (a 7.8 percent increase year-over-year), followed by the Northeast at $254,100 (a 0.2 percent decrease), the South at $210,500 (a 5.4 percent increase), and the Midwest at $181,000 (a 5.7 percent increase).

“Depressed new and existing inventory conditions led to several of the largest metro areas seeing near or above double-digit appreciation, which has pushed home values to record highs in a slight majority of markets,” Yun says. “The exception for the most part is in the Northeast, where price growth is flatter because of healthier supply conditions.”

Condo and co-op prices across the board also increased in the fourth quarter, up 6.1 percent year-over-year to $222,000.

Overall, housing affordability slid compared to the fourth quarter of 2015—according to NAR, buying a median-priced single-family home now would require an income of $51,017 for a 5 percent down payment, $48,332 for a 10 percent down payment, and $42,962 for a 20 percent down payment.

“Even a pick-up in wage growth may be insufficient to compensate the impact of higher mortgage rates and home prices,” says Yun. “Increased homebuilding will be crucial to alleviate supply shortages and stave off the affordability hit.”

“The prospect of higher mortgage rates and more home shoppers in coming months should be enough of an incentive for those serious about buying to start their search now,” says NAR President Bill Brown. “There are fewer listings on the market, but also a little less competition than what’s expected this spring. Buyers may find just the home they’re looking for at a good price and without the possibility of having to outbid others.”

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.

Over 1 Million Properties Shed Underwater Status in 2016

Source: RISMedia

A just-released report reveals underwater properties are steadily declining, with more than one million shifting status in 2016—a possible turning point in the ongoing inventory crisis.

According to ATTOM Data Solutions’ Year-End 2016 U.S. Home Equity & Underwater Report, the amount of “seriously” underwater properties in the U.S. decreased by over one million last year, while the amount of “equity rich” properties increased by 1.3 million. Seriously underwater is defined as a property with a loan-to-value ratio 25 percent or more of its fair market value; equity rich is defined as a property with an LTV ratio 50 percent or less.

The opposing gap between the two is a signal of the overall health of the housing market, as well as the potential for short supply to, if marginally, improve.

“Since home prices bottomed out nationwide in the first quarter of 2012, the number of seriously underwater U.S. homeowners has decreased by about 7.1 million, an average decrease of about 1.4 million each year,” says Daren Blomquist, senior vice president with ATTOM Data Solutions. “Meanwhile, the number of equity rich homeowners has increased by nearly 4.8 million over the past three years, a rate of about 1.6 million each year.

“Despite this upward trend over the past five years, the massive loss of home equity during the housing crisis forced many homeowners to stay in their homes longer before selling, effectively disrupting the historical domino effect of move-up buyers that feeds both demand for new homes and supply of inventory for first-time homebuyers,” Blomquist says.

Approximately 10 percent—5.4 million—of all properties with a mortgage are still seriously underwater, according to the report, marking the lowest level since 2012.

The top five states with the most seriously underwater properties in 2016 were Nevada (19.5 percent share), Illinois (16.6 percent), Ohio (16.3 percent), Missouri (14.6. percent) and Louisiana (14.5 percent). The majority of the top five metropolitan areas with the most seriously underwater properties was located in Ohio: Cleveland (21.5 percent), Akron (20.1 percent), Dayton (20.0 percent) and Toledo (19.9 percent).

The top five states with the most equity rich properties in 2016, by comparison, were Hawaii (37.8 percent), Vermont (36.9 percent), California (36.0 percent), New York (34.9 percent) and Oregon (32.0 percent). The majority of the top five metropolitan areas with the most equity rich properties was located in California: San Jose (51.6 percent), San Francisco (47.7 percent) and Los Angeles (39.2 percent).

With this substantial reversal of trend, how long will the inventory shortage last? The drop-off dynamic of shrinking underwater properties and expanding equity could indicate the answer is sooner than expected.

Source: ATTOM Data Solutions

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Under Pressure: Affordability Concerns Magnified Two Times for Boomers

Source: RISMedia/NHP Foundation

Baby boomers are doubly worried about housing affordability—for themselves, and the next generation of homeowners and renters.

A new report by The NHP Foundation reveals 30 percent of those aged 55-plus feel “anxiety” about affording housing in their area at least once per month, and 64 percent also feel concern about their adult children affording housing. Affordability recently fell to its lowest level since 2008, and a recent analysis reveals the average homebuyer needs to spend more than two-thirds of their annual income to afford a 20 percent down payment.

“The anxiety is now multi-generational,” says Richard Burns, CEO of The NHP Foundation.

The majority of those surveyed in the report have “great” or “substantial” anxiety about housing affordability as a result of the new administration—eased only if policies deliver benefits like protections from mortgage and/or rent increases, secure employment and “stable” property taxes. Fourteen percent believe more affordable construction would also lessen anxiety.

Location plays a role in the level of anxiety baby boomers feel, according to the report. Twenty percent of those living in the Midwest are concerned about housing payments, compared to 38 percent of those living in the South. A recent forecast projects home prices in the Midwest to rise 3.4 percent in 2017, with those in the South to rise 3.5 percent. Those in the West—where home prices are expected to rise just 1 percent—feel the lowest level of anxiety.

“Though housing insecurity is a national problem, these geographic differences demonstrate the need to tailor housing options to the unique needs of each region,” says Stefano Rumi, an advisor to The NHP Foundation and a senior fellow at the Batten Center for Social Policy at the University of Virginia. “The winning solutions will incorporate private and public partnerships to finance affordable housing. This means a ‘YIMBY’ attitude on the part of local communities and elected officials.”

Source: The NHP Foundation

Area Brokers Report “High Velocity” Market, But With Hope For Homebuyers

Source: NWMLS

KIRKLAND, Washington (Feb. 6, 2017) – Western Washington’s “high velocity” market continued
during January with the number of pending sales (7,745) outgaining the number of new listings (6,507),
according to new figures from Northwest Multiple Listing Service.

“Properties are moving through the market at an unusually fast pace,” remarked John Deely, chairman of
the board at Northwest MLS and the principal managing broker at Coldwell Banker Bain. “Although we
have a high number of new listings, they are moving into a pending or sold status within the typical 30-
day reporting period. This phenomenon causes a low active listing count,” he added.

Brokers added 6,507 new listings to inventory last month (163 fewer than during the same period a year
ago), while year-over-year pending sales jumped by 492 transactions for a gain of about 6.8 percent. New
listing volume was the highest monthly total since October when members added 7,591 properties.

At month-end, there were 9,752 active listings in the MLS service area, which encompasses 23 counties.
That total was 2,605 fewer than the year-ago volume of 12,357, a decline of 21 percent. Only three
counties (Ferry, Jefferson and Kitsap) reported improvements in the number of active listings compared
to the same month last year.

Measured by months of inventory, the selection is at historic lows in many counties. At month end, there
was just under 1.7 months of supply system-wide, which compares to the year-ago figure of about 2.5
months of supply. Both King and Snohomish counties have less than one month of supply.

“If home buyers were hoping that January would start to bring more balance to the housing market,
they’re going to be sorely disappointed. The number of homes for sale remains at record lows, and the
growth in pending sales tells us that sellers are still firmly in the driver’s seat,” said OB Jacobi, president
of Windermere Real Estate.

MLS director George Moorhead echoed Jacobi, pointing to five years ago when buyers could choose
from 5,378 listings of single family homes in King County versus last month’s selection of 1,569 listings.
“The real question is whether there will be relief in the near future, and the unfortunate answer is no,”
said Moorhead, the designated broker at Bentley Properties, citing the combination of new jobs, a
shortage of new homes, and a reluctance of sellers to list their home for fear of not being able to find their
next one.

Commenting on “typical seasonal and beginning of the year adjustments,” one company president said he
is encouraged by new listing activity. “There is no indication that the annualized trend of shrinking active
inventory will reverse itself anytime soon, but we’re seeing momentary bubbles of increased inventory for
buyers currently in the market” noted Mike Grady, president and COO of Coldwell Banker Bain.

“List it and they will come” is the new mantra as new listings come on the market, commented J. Lennox
Scott, chairman and CEO of John L. Scott. Despite having more sales than new listings over the past few
months, Scott said there is hope for homebuyers. “As the days start getting longer the future will look
brighter for the backlog of buyers waiting to find a home.” Describing February as the bridge month
between winter and spring markets, Scott expects to start seeing an increase in the number of new listings.

“Buyers who are properly positioned to make quick decisions, and who have the proper negotiation
tactics and guidance are finding success in this high velocity market,” Deely reported.

Not surprisingly given the imbalance in supply and demand, prices continue to rise. Last month’s median
price for the 5,874 completed sales of single family homes and condominiums was $327,175, up 9
percent from the year ago figure of $300,000. There were 889 more closed sales in January than for the
same month a year ago for a 17.8 percent increase.

Single family home prices (excluding condos) increased 9 percent, rising from $309,950 to $338,000. The
median price for single family homes that sold in King County last month was $525,000, up more than
6.9 percent from the year-ago sales price of $490,970. Several outlying counties reported double-digit
gains.

“The softening of single family home prices in King County over the last few months, combined with the
relatively large price increase in Snohomish County (8.2 percent) suggests buyers are migrating north in
order to find more affordable housing,” said Jacobi.

Brokers in Pierce and Kitsap counties also reported price hikes larger than King County’s. The median
price of a single family home in Pierce County jumped nearly 11.6 percent from a year ago while the
year-over-year price in Kitsap was up 9.4 percent.

Condo prices rose 5.5 percent in January compared to a year ago, increasing from $255,750 to $289,900.
King County condo prices surged more than 9.8 percent, from $282,250 to $310,000.

“For buyers, it is a good news/bad news scenario in Kitsap County,” reported MLS director Frank
Wilson. “More houses came on the market last month than a year ago, but pending sales surpassed that
number to keep the market tight. Brokers navigated these challenges and buyers endured, “but the
tightness will likely be magnified during 2017,” said Wilson, the branch managing broker at John L. Scott
in Poulsbo.

Wilson said open house traffic has “started off with a bang” as more buyers have decided now is the time
to buy, believing that prices will only continue to rise .” He expects escalation clauses, multiple offer
situations and backup offers to “be the norm during the first quarter. The hierarchy of purchasers: cash,
conventional loan, VA loan, and FHA financing will continue to be the pecking order,” he stated.

“We’re seeing the frenzy change to a fanatical desire to own a home as buyers scramble to beat increasing
interest rates,” reported Moorhead. He expects the Feds to increase rates two more times between now
and April, “and that will only increase buyers’ aggressive tactics to secure a home,” he suggested.
Moorhead also noted sellers are able to “get away with putting homes on the market in conditions that
historically would be rejected by buyers.” Now, however, Moorhead said buyers are willing to turn a
blind eye to repairs and future maintenance.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service
MLS in the Northwest. Its membership of nearly 2,100 member offices includes more than 25,000 real
estate professionals. The organization, based in Kirkland, Wash., currently serves 23 counties in the state.

10 Easy Ways to Safeguard Your Home and Prepare for an Emergency

Source: RISMedia/Sage Singleton

When disasters strike, they come without warning. This is why you need to prepare for emergencies ahead of time. These 10 tips will help safeguard your home and family, and save you time, money, and stress should an emergency occur.

Protect your home from break-ins. A home invasion occurs every thirteen seconds in the United States. This alarmingly high rate means it’s essential to safeguard your home from burglars by investing in a home security system.

Know potential threats and emergencies relevant to your location. If you live in the Midwest, tornados are a bigger threat than floods. If you live in California, earthquakes are a real danger. Teach your family about the natural threats common to your location and what to do should one occur. Having a plan and instinctively knowing what to do can save your life in the event of a disaster.

Inspect your outdoor lighting. Make sure to check your outdoor lights to see if any need to be added or replaced. Well-lit homes help deter burglars and prevent accidents.

Perform regular home safety checks. Every month, inspect your home for signs of broken or damaged items. Make sure your roof, basement, attic, pipes, and foundation are in good condition. Check your door locks, garage door, and windows for any broken parts. Regularly fixing up your home will help maintain its value and keep it in great condition.

Test your carbon monoxide and smoke detectors. An average of $12 billion in personal property is lost in fires each year. Protect your home and personal items by routinely testing your carbon monoxide and smoke detectors. Not only will this protect your home and property, but it can also save your life.

Inspect your fire extinguisher. Check the pressure gauge to see if the needle is in the green, and replace or service it if it isn’t. Also examine the hose and nozzle for cracks, and you’ll need to replace your fire extinguisher if the handle is missing the locking pin or is broken. Should a home fire occur, you will be prepared to handle the situation because your fire extinguisher will be in great working condition.

Create an emergency communication plan. Discuss what everyone in your home will do in case of a disaster. Talk with each family member about their responsibilities, where you will meet, and how to communicate with one another. If communication lines are down, it’s important to have a central meeting location established so everyone can meet and regroup. Discuss different disaster scenarios and come up with a communication and action plan that everyone knows and can enact if necessary.

List relevant contact information and make it easily accessible to everyone. Keep contact information on hand in case of an emergency. While you may keep numbers in your cellphone, it’s smart to keep a hard copy of key contacts in your home. This list can include your primary care physician, poison control, and a trusted neighbor.

Keep 72-hour emergency kits in your home and car. The CDC recommends putting together an emergency kit that includes the following.

  • One gallon of water per person, per day
  • Non-perishable food that is easy to prep
  • A can opener
  • Important medication
  • A radio
  • Flashlights
  • Batteries
  • Toilet paper

Compile and regularly update your home inventory. If you need to file an insurance claim after a blizzard or burglary, it’ll help to have an itemized inventory for your valuable home goods. Store instruction manuals, serial numbers, and important receipts in files that you can access easily when needed.

Incorporate these ten safety hacks into your to-do list and you’ll be able to safeguard your home, property, and family should a disaster or emergency occur.

Sage Singleton is a home and community safety expert for SafeWise. Sage has written for a variety of audiences ranging from government sites to lifestyle magazines. In her free time, she enjoys wedding planning, traveling and learning French.

Existing-Home Sales Have Banner 2016, Hitting Decade High

Source: RISMedia

Existing-home sales had a banner 2016, amounting to 5.45 million—an increase from 5.25 million in 2015 and a decade-high from 6.48 million in 2006, according to the National Association of REALTORS® (NAR). Overall, 2016 was a “good year for the housing market,” says NAR Chief Economist Lawrence Yun.

“Solid job creation throughout 2016 and exceptionally low mortgage rates translated into a good year for the housing market,” Yun says. “However, higher mortgage rates and home prices combined with record low inventory levels stunted sales in much of the country in December.

“While a lack of listings and fast rising home prices was a headwind all year, the surge in rates since early November ultimately caught some prospective buyers off guard and dimmed their appetite or ability to buy a home as 2016 came to an end,” says Yun.

Existing-home sales decreased 2.8 percent in December to an annual rate of 5.49 million, according to NAR, with a median price of $232,200. Inventory over the same period was swallowed up, sinking 10.8 percent to its lowest since 1999: 1.65 million, a 3.6-month supply.

“December’s disappointing numbers may be low in large part because people bought in November instead of December in order to lock in low mortgage rates,” says realtor.com® Senior Economist Joseph Kirchner. “A persistent decline in the number of homes on the market and prices increasing faster than incomes also have contributed.

“Several trends factored into these numbers,” Kirchner says. “When buyers began to anticipate mortgage rates in November, they rushed to lock in rates, which resulted in a bump in sales. At the same time, while new home construction completions in December were up 8.5 percent compared to a year ago, they were down 7.9 percent since November. And while incomes are rising, home prices are still rising faster.”

“Housing affordability for both buying and renting remains a pressing concern because of another year of insufficient home construction,” says Yun. “Given current population and economic growth trends, housing starts should be in the range of 1.5 million to 1.6 million completions and not stuck at recessionary levels. More needs to be done to address the regulatory and cost burdens preventing builders from ramping up production.”

The average commitment rate for a 30-year, conventional fixed-rate mortgage surged in December to 4.20 percent from 3.77 percent in November, according to Freddie Mac. December’s average commitment rate was the highest rate since April 2014 (4.32 percent).

First-time buyers were 32 percent of sales in December, which is unchanged both from November and a year ago. First-time buyers also represented 32 percent of sales in all of 2016. According to NAR’s 2016 Profile of Home Buyers and Sellers, the annual share of first-time buyers was 35 percent.

“Constrained inventory in many areas and climbing rents, home prices and mortgage rates means it’s not getting any easier to be a first-time buyer,” Yun says. “It’ll take more entry-level supply, continued job gains and even stronger wage growth for first-timers to make up a greater share of the market.”

Properties typically stayed on the market for 52 days in December, up from 43 days in November but down from a year ago (58 days). Short sales were on the market the longest at a median of 97 days in December, while foreclosures sold in 53 days and non-distressed homes took 50 days. Thirty-seven percent of homes sold in December were on the market for less than a month.

Inventory data from realtor.com reveals that the metropolitan statistical areas where listings stayed on the market the shortest amount of time in December were San Jose-Sunnyvale-Santa Clara, Calif., 49 days; San Francisco-Oakland-Hayward, Calif., and Nashville-Davidson-Murfreesboro-Franklin, Tenn., 50 days; and Billings, Mont., and Hanford-Corcoran, Calif., both at 51 days.

All-cash sales were 21 percent of transactions in December, unchanged from November and down from 24 percent a year ago. Individual investors, who account for many cash sales, purchased 15 percent of homes in December, up from 12 percent in November and unchanged from a year ago. Fifty-nine percent of investors paid in cash in December.

Distressed sales—foreclosures and short sales—rose to 7 percent in December, up from 6 percent in November but down from 8 percent a year ago. Five percent of December sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 20 percent below market value in December (17 percent in November), while short sales were discounted 10 percent (16 percent in November).

Single-Family and Condo/Co-Op Sales
Single-family home sales declined 1.8 percent to a seasonally adjusted annual rate of 4.88 million in December from 4.97 million in November, but are still 1.5 percent above the 4.81 million pace a year ago. The median existing single-family home price was $233,500 in December, up 3.8 percent from December 2015.

Existing condominium and co-op sales dropped 10.3 percent to a seasonally adjusted annual rate of 610,000 units in December, and are now 4.7 percent below a year ago. The median existing condo price was $221,600 in December, which is 5.5 percent above a year ago.

Regional Breakdown
December existing-home sales in the Northeast slid 6.2 percent to an annual rate of 760,000, but are still 2.7 percent above a year ago. The median price in the Northeast was $245,900, which is 3.8 percent below December 2015.

In the Midwest, existing-home sales decreased 3.8 percent to an annual rate of 1.28 million in December, but are still 2.4 percent above a year ago. The median price in the Midwest was $178,400, up 4.6 percent from a year ago.

Existing-home sales in the South in December were at an annual rate of 2.25 million (unchanged from November), and are 0.4 percent above December 2015. The median price in the South was $207,600, up 6.5 percent from a year ago.

Existing-home sales in the West fell 4.8 percent to an annual rate of 1.20 million in December, and are now 1.6 percent below a year ago. The median price in the West was $341,000, up 6.0 percent from December 2015.

Existing-home sales include sales of condominiums, co-ops, townhouses and single-family homes.

For more information, please visit www.nar.realtor.

For the latest real estate news and trends, bookmark RISMedia.com.