First Quarter 2017 Metro Area Existing Single-Family Home Sales and Prices

*All data is unadjusted for seasonality
Median Price % Change from 1 Year Ago
MSA 1st Quarter 1st Quarter Price
2016 2017
Atlanta $167,800 $182,800 8.9%
Baltimore $222,900 $237,600 3.7%
Boston $378,500 $414,200 9.4%
Cincinnati $137,800 $145,400 5.5%
Dallas – Fort Worth $210,100 $236,500 12.5%
Houston $208,000 $222,300 6.9%
Indianapolis $146,900 $159,200 8.4%
Kansas City $163,300 $179,000 9.6%
Miami – Fort Lauderdale $286,600 $318,000 11.0%
Minneapolis – St. Paul $221,500 $234,700 6.0%
New Orleans $175,800 $186,400 6.0%
New York – Northern New Jersey – Long Island $372,900 $386,000 3.5%
Philadelphia $203,900 $209,000 2.5%
Phoenix $223,100 $237,900 6.6%
Portland $326,700 $359,900 10.2%
Saint Louis $147,800 $154,900 4.8%
San Antonio $195,500 $202,600 3.6%
San Diego $537,000 $564,000 5.0%
Washington $368,400 $383,500 4.1%
U.S. $217,200 $232,100 6.9%
NOTE: There are differences between this data and locally reported data because of differences in methodology, which may include geographic coverage and housing types. More importantly, there generally is a parallel between the percentage changes over time that is typically seen even when using different methodologies.

Economic Indicators

June 23, 2017

New Residential Sales (U.S. Department of Commerce)

Sales of new single-family houses in May 2017 were at a seasonally adjusted annual rate of 610,000. This is 2.9 percent above the revised April rate of 593,000 and is 8.9 percent above the May 2016 estimate of 560,000.

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June 21, 2017

May Existing Home Sales (National Association of Realtors)

Existing home sales climbed 1.1 percent to a seasonally adjusted annual rate of 5.62 million in May from a downwardly revised 5.56 million in April. Last month’s sales pace is 2.7 percent above a year ago and is the third highest over the past year.

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June 16, 2017

New Residential Construction (U.S. Department of Commerce)

Single-family authorizations in May were at a rate of 779,000; this is 1.9 percent below the revised April figure of 794,000. Single-family housing starts in in May were at a rate of 794,000; this is 3.9 percent below the revised April figure of 826,000. Single-family housing completions in May were at a rate of 817,000; this is 4.9 percent above the revised April rate of 779,000.

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June 1, 2017

Construction Spending (U.S. Department of Commerce)

Construction spending during April 2017 was estimated at a seasonally adjusted annual rate of $1,218.5 billion, 1.4 percent below the revised March estimate of $1,235.5 billion. The April figure is 6.7 percent above the April 2016 estimate of $1,142.5 billion. During the first 4 months of this year, construction spending amounted to $359.5 billion, 5.8 percent above the $339.7 billion for the same period in 2016.

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May 31, 2017

Pending Home Sales (National Association of Realtors)

Pending home sales decreased 1.3 percent to 109.8 in April from a downwardly revised 111.3 in March. After last month’s decline, the index is now 3.3 percent below a year ago, which is the first year-over-year decline since last December and the largest since June 2014 (7.1 percent).

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February 23, 2017

Commercial Real Estate Outlook (National Association of Realtors)

Office vacancy rates are forecast to retreat 1.1 percent to 12.1 percent over the coming year as job growth in business and professional services brings increased need for office space. Industrial vacancy rates are expected to decline 1.3 percent to 7.1 percent. Retail availability is expected to decrease 0.7 percent to 11.2 percent. Multifamily vacancy rates are predicted to change very little over the next year as new apartment completions keep openings mostly flat at 6.5 percent.

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