Dec 13, 2017
Our show today was The State of The Industry, The State of The U.S. Market for 2018.
Cohosts: Thomas J. Nelson of Big Block Realty & Jonathan Denwood of Mail-Right.com discussed the NAR and Brian Buffini (& Company) Bold Predictions for 2018.
We have seen a 22% increase in licensed Realtors since 2013, closing out 2017 with 1.30 Million licensed agents that belong to NAR. The number of U.S. homes sold since 2015 has increased by about 4.17% in Q4 2017 and is predicted to increase by an additional 3.7% in 2018.
The U.S. Median Existing Home Price (re-sale) has increased by 16% since 2014 as we close out Q4 2017; 2014 saw $209,100 and 2017 is closing out about $245,100. Thomas adds -San Diego, CA is closing out at about $539,950 Median Sales Price, up from $465,000 in January 2017!
Single Family Home Starts (New Construction) is projected to be up 9.4% by 2018; still leaving us an inventory deficit of 250,000 more units needed by 2018 to keep up with the 50-year average. Housing demand is quite simply exceeding supply and has been since 2012 conservatively.