![Page 1: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/1.jpg)
2018 State of the Real Estate Market
Where We Are…Where We Are GoingLongleaf Pine REALTORS®, Inc.
U.S. REAL ESTATE
MARKET UPDATE
Paul C. Bishop, PhD, CBEVice President, Research
NATIONAL ASSOCIATION OF REALTORS®
January 16, 2018
![Page 2: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/2.jpg)
U.S. Real Estate Market Update
✓ Economic Contribution of Real Estate:
Individual and Community Impact
✓ The Economy:
Steady Gains
✓ Market Conditions:
Rising Prices and Too Few Homes for Sale
✓ What’s Next:
Challenges and Opportunities
![Page 3: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/3.jpg)
Economic
Contribution of
Real Estate:
Individual and
Community Impact
![Page 4: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/4.jpg)
Home Equity Increase Accounts for about 20% of
Rise in Household Net Worth Since 2009
$0
$20
$40
$60
$80
$100
$120
2005 2007 2009 2011 2013 2015 2017
U.S. Household Net Worth
$0
$2
$4
$6
$8
$10
$12
$14
$16
2005 2007 2009 2011 2013 2015 2017
U.S. Home Equity
trillionstrillions
Source: Federal Reserve Flow of Funds
![Page 5: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/5.jpg)
Home Ownership is Key to Wealth Building – Wide
Gap in Wealth Between Renters and Owners
$5,200
$231,400
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
Renters Homeowners
Median Household Wealth
2004 2007 2010 2013 2016
Source: Federal Reserve Survey of Consumer Finances
![Page 6: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/6.jpg)
The Economic Impact of a Home Sale is Significant
Average Impact of a Home Sale in North Carolina
Income from real
estate-related industries: $15,700
Furniture, appliances
and remodeling: $4,600
“Multiplier” effect: $9,700
“Induced” effect: $21,800
TOTAL (per home sale) $51,800
Real estate (residential and commercial) account for 18.3% of all economic activity
Source: National Association of REALTORS®
![Page 7: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/7.jpg)
While Ownership Helps Build Wealth,
Homeownership Rate is at 50-Year Low…
59%
60%
61%
62%
63%
64%
65%
66%
67%
68%
69%
70%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Homeownership Rate
Source: Census Bureau
Above Median Income: 78.4%
Below Median Income: 49.5%
![Page 8: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/8.jpg)
…and Younger Households Less Likely to
Own a Home Today
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
U.S. 34 and younger 35-44 years 45-54 years 55-64 years 65 and older
Homeownership Rate
2004 (Peak) 2017Q3
Source: Census Bureau
![Page 9: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/9.jpg)
The Economy:
Steady Gains
![Page 10: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/10.jpg)
Since 2011, 16 Million Jobs Added in U.S.
And Unemployment Rate Has Declined Quickly
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2005 2007 2009 2011 2013 2015 2017
Unemployment RateU.S. North Carolina
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2011 2012 2013 2014 2015 2016 2017
U.S. Job Gains
millions
Source: Bureau of Labor Statistics
![Page 11: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/11.jpg)
More Unfilled Job Openings Suggesting Future
Increase in Wages
0
1
2
3
4
5
6
7
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Number of Unfilled Job Openings and People
Voluntarily Quitting Their JobJob Openings Quit Levels
millions
Source Bureau of Labor Statistics
![Page 12: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/12.jpg)
Income Growing Slower in
North Carolina than in U.S.
85
90
95
100
105
110
115
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Per Capita Income(adjusted for inflation)
U.S. North Carolina
Index: 2009 = 100
Source: Bureau of Economic Analysis
![Page 13: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/13.jpg)
There’s No Inflation to be Seem – Except in Rents
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
2000 2002 2004 2006 2008 2010 2012 2014 2016
Core Consumer Price Inflation
Rent Other than Shelter
percent change from one year ago
Source: Bureau of Labor Statistics
![Page 14: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/14.jpg)
Borrowing Costs Likely to Increase in 2018 As Fed
Steps up Rate Hikes
0%
1%
2%
3%
4%
5%
6%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Federal Funds Rate 10-year Treasury
Source: Federal Reserve
![Page 15: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/15.jpg)
Mortgage Rates Have Nowhere to Go but Up
0%
1%
2%
3%
4%
5%
6%
7%
8%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Mortgage Rates
15-year FRM 30-year FRM
Source: Freddie Mac
![Page 16: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/16.jpg)
Market Conditions:
Rising Prices and Too
Few Homes for Sale
![Page 17: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/17.jpg)
The American Dream Includes
Homeownership
Don’t Know2%
No13%
Strongly Agree84%
Moderately Agree16%
Yes85%
Is Homeownership Part of your American Dream?
Source: National Association of REALTORS® HOME Survey 2017Q4
![Page 18: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/18.jpg)
Consumers Believe Buying a Home is a Good
Financial Decision
76%
78%
80%
82%
84%
86%
88%
90%
92%
Agree that Buying a Home is a Good Financial Decision
Source: National Association of REALTORS® HOME Survey 2017Q4
![Page 19: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/19.jpg)
Less than 6 Months Supply of Existing Homes
Since Late 2012
3.4
0
2
4
6
8
10
12
14
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
U.S. Months Supply
months
Source: National Association of REALTORS®
![Page 20: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/20.jpg)
Days on Market Reflect Challenges for Buyers
0
20
40
60
80
100
120
2012 2013 2014 2015 2016 2017
U.S. Median Days on Market
0%
10%
20%
30%
40%
50%
60%
2012 2013 2014 2015 2016 2017
Distribution of Days on Market
Less than 1 month 6 months or more
Source: National Association of REALTORS®
![Page 21: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/21.jpg)
Pending Sales Remain at Plateau Due
to Inventory Constraints
75
80
85
90
95
100
105
110
115
120
2010 2011 2012 2013 2014 2015 2016 2017
U.S. Pending Home Sales
Index: 2001=100
Source: National Association of REALTORS®
![Page 22: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/22.jpg)
Despite a Good Economy Homes Sales
Rising Very Slowly
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
6,000,000
6,500,000
7,000,000
7,500,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
U.S. Existing Home Sales
Source: National Association of REALTORS®
SAAR
![Page 23: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/23.jpg)
Nationally, Still not Building Enough Homes…
U.S. Single Family Starts
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000Avg Annual Starts
1997-2006
U.S. Multi-family Starts
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000Avg Annual Starts
1997-2006
Source: Census Bureau
![Page 24: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/24.jpg)
Home Prices Growing at a
Consistent Single-digit Pace
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
U.S. Existing Home Sale Price Growth
Source: National Association of REALTORS®
percent change from one year ago
![Page 25: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/25.jpg)
Several Large Metros Are Experiencing
Rapid Home Price Growth
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Median Metro Home Price Growth (2016Q3-2017Q3)
U.S.
Average
Source National Association of REALTORS®
![Page 26: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/26.jpg)
What’s Next:
Challenges and
Opportunities
![Page 27: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/27.jpg)
With Rising Rents More Renters May Choose to Own - A
Trend Worth Monitoring or a Blip in the Data?
30
32
34
36
38
40
42
44
46
2000 2002 2004 2006 2008 2010 2012 2014 2016
Renter Households
millions
68
69
70
71
72
73
74
75
76
77
2000 2002 2004 2006 2008 2010 2012 2014 2016
Owner Households
millions ?
Source: Census Bureau
?
![Page 28: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/28.jpg)
Saving for Downpayment Increasingly Difficult
for First-time Buyers
Saving for Downpayment Difficult
0%
5%
10%
15%
20%
25%
30%
First-time Buyers Repeat Buyers
Expenses that Delayed Saving
Downpayment(among those who indicated difficulty saving)
0%
10%
20%
30%
40%
50%
60%
First-time Buyers Repeat Buyers
Student Loans Credit Card Debt
Car Loan Child Care Expenses
Healthcare Costs
Source: National Association of REALTORS®
![Page 29: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/29.jpg)
Current Renters Point to Affordability as Main Hurdle
to Ownership – Many Think Getting a Mortgage
Would be Difficult
Do renters ever want to own a home?
Yes, 76%
No, 19%
Not sure, 5%
Why don’t renters own a home?
Can’t afford to buy 38%
Life circumstances not
suitable for owning now29%
Need flexibility of renting
vs owning13%
Don’t want responsibility
of owning10%
59% of renters think it would be
“difficult” to qualify for a mortgage
Source: National Association of REALTORS® HOME Survey 2017Q3
![Page 30: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/30.jpg)
Although Renters Want to Own, Fewer First-time
Buyers are Able to Move to Ownership
0%
10%
20%
30%
40%
50%
60%
2009 2010 2011 2012 2013 2014 2015 2016 2017
Percent of Existing Homes Sold to First-time Buyers
Source: National Association of REALTORS®
Long-term FTB
Share
![Page 31: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/31.jpg)
Key Tax Provisions
Standard deduction • $12,000 for individuals
• $24,000 for married filing jointly
Personal exemptions • Eliminated
Mortgage interest deduction • Current mortgages of up to $1 million
are grandfathered
• New mortgages capped at $750,000
• Deduction for home equity debt interest
repealed thru 2025
• Interest on home equity loans remains
deductible if proceeds used to improve
home
State and local tax deduction
(property taxes + income or sales taxes)
• Capped at $10,000
Capital gains exemption on sale of primary
residence
• Current law retained
https://www.nar.realtor/tax-reform
![Page 32: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/32.jpg)
Tax Facts for North Carolina• 2,493,000 Owner-occupied homes
– 63% with a mortgage
– 2.3% valued at $750,000 or more
• Mortgage interest deduction
– 997,900 claimed deduction (64% of owners with mrtg)
– $7,500 average deduction
• Property taxes
– 1,143,000 claimed deduction
– $3,000 average deduction
– 0.9% of owners paid $10,000 or more in property taxes
• State income taxes
– 1,165,500 claimed deduction
– $7,300 average deductionSource: National Association of REALTORS®
![Page 33: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/33.jpg)
How to Think About the Impact of Tax Reform
Weighing on the Housing Market
• Homeownership more costly for some
• MID limitation for new purchases
• SALT deduction cap
• Limits on incentives by doubling standard deduction
Supporting the Housing Market
• Solid growth in jobs and income
• Demographics favor housing
• Desire to own still strong
Source: National Association of REALTORS®
![Page 34: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/34.jpg)
What to Plan for in 2018…
• No significant change in economic outlook, even as we
prepare for modestly higher interest rates
• No relief for the inventory shortage – home building up, but
a big shortfall to overcome
• Prices will continue to rise due to tight inventory and solid
demand for homes
• Consumers remain optimistic about home ownership
![Page 35: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/35.jpg)
Housing Forecast
2016 20172018
Forecast
2019
Forecast
Housing Starts 1,174,000 1,205,000 1,312,000 1,380,000
New Home Sales 561,000 616,000 700,000 750,000
Existing Home
Sales5,450,000 5,540,000 5,520,000 5,710,000
Median Existing
Home Price Growth5.1% 5.9% 2.1% 3.6%
30-year Mtg Rate 3.6% 4.0% 4.4% 4.8%
Source: National Association of REALTORS® (January 2018)
![Page 36: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/36.jpg)
NAR Research
NAR Research Reports
https://www.nar.realtor/research-and-statistics/research-reports
Housing Statistics
https://www.nar.realtor/research-and-statistics/housing-statistics
Blog: http://economistsoutlook.blogs.realtor.org/
Twitter: https://twitter.com/nar_research
Facebook: https://www.facebook.com/narresearchgroup
Instagram: https://www.instagram.com/narresearch/
Pinterest: https://www.pinterest.com/narresearch/
![Page 37: U.S. REAL ESTATE MARKET UPDATE - Longleaf Pine ......2018 State of the Real Estate Market Where We Are…Where We Are Going Longleaf Pine REALTORS®, Inc. U.S. REAL ESTATE MARKET UPDATE](https://reader034.vdocument.in/reader034/viewer/2022050504/5f963bfb512f59058942a6b4/html5/thumbnails/37.jpg)
Paul C. Bishop PhD, CBE
Vice President, Research
202-383-1246
linkedin.com/in/pcbishop/
Download this presentation at:
http://bit.ly/FRAROutlook2018