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K8|NNE4POL|SAREA n�� 80F��= Annual Housing Market Report 1��^^ k~^�^ �� ^��n mm�� mnm��n�wu mu�K�� — Twin �^�� mnmw�r�� m�_��-| ��n`,� FORREG|DENT|ALRB\LE8TArEACT|V|TY|NTHE1G-COUNTYI Vw|NC|T|E8REG|ON While the 2O17 housing market was marked byrenewed Prices: Home prices were up compared to last year.The optimism fueled by stock market strength, higher wages and a overall median sales price increased 7.7 percent to$2O5.00O competitive environment for home sales, 2O18 delivered a for the year. Single-Family Detached home prices were up7.1 more seasoned prudence toward residential real estate. Homo Pomont compared to last year, and Townhouse-Condo buyom, now steeped in several years ofrising prices and low Attached home prices were up8.1 percent. inventory, became more selective in their purchase choices ao housing affordability achieved aton'yoar low. List Price Received:So||om nmoivod, on average, 88.8 percent of their original list price at oa|o. ayoar'ovor-yoar Yet the appetite for home buying remained strong enough to improvement ofO.Opercent. |f demand shrinks in2O18. original drive prices upward in virtually all markets across the country. list price received a1 sale could drop aowell In fact, national home prices have risen 53 percent from February 2O12to September 2O18.That mark ioaless Consumer optimism has been tested by four interest rate hikes dramatic but still sizable 4O percent increase when inflation io by the Federal Reserve in2O18. Meanwhile, GDP growth was a1 factored in. 4.2 percent inO22O18. dropped to3.4 percent inO32O18and is expected to be about 2.8 percent in O4 2018 when figures The national median household income was last reported with are m|oaood. ayoar'ovor-yoar increase of 1.8 percent, vvhi|o home prices have gone up 5.5 percent in roughly the same amount of time. Looking strictly at market fundamentals, recent Fed and GDP That kind of gap can't be sustained indofinito|y, but prices are changes will not cause adramatic shift away from the current still expected to rise in most aroao, albeit at a much slower state ofthe housing market.The booming oa|oo at increased pace. prices over the last oovoxa|years may not bo the same thrill ride to observe in2O18. but along-awaited increase in inventory is sales: Pending sales decreased 3.O percent, closing 2O18a1 something positive to consider, even ifit arrives in the form of 58.068. Closed oa|oo were down 3.4 percent to finish the year shrinking demand amidst rising mortgage rates. a158.188.A booming economy would seem to indicate more oa|oo. but fewer homes to choose from coupled with lower The biggest potential problem for residential real estate in2O18 affordability made it tougher for buyers in2O18. might bo human psychology.A fear of buying a1 the height of the market could create home purchase delays bya large pool of potential first-time buyers,thus on*�ingan environment of �iS�iN�6� Year-over-year,the number of homooavai|ab|ofor ' sale was higher by4.5 percent.Thorowom8.128mtivo declining sales. listings a1 the end of2O18 New � � |f the truth ofa positive economic outlook coupled with percent to finish the year a1758O8 ' . responsible lending practices and more available homes for sale captures the collective American psyche,the most likely Distressed Properties: The foreclosure market continues to outcome for 2O18io market balance. boa hint of its former unhealthy peaks. |n2O18.the percentage of closed sales that were either foreclosure or short sale decreased by35.3 percent to end the year a12.8 percent of the market. Showings: Demand began to taper in2O18.There were 1.288.383 total showings in the region, culminating in14 Table UfContents showings before pending, which was down O.7 percent 3 [)UiCk Facts compared to2O17. 5 Property Type Review 6 Distressed Homes Review 7 New Construction Review 8 Showings Review 9 Area Overviews 18 Area Historical Prices 27 Historical Review 29 c""°m=m January y omy All ua[=I r"niw".mm=wm n°n"., omyeh"°mor ni° | o