Fourth Quarter 2016 Metro Area Existing Single-Family Home Sales and Prices

*All data is unadjusted for seasonality
Median Price % Change from 1 Year Ago
MSA 4th Quarter 4th Quarter Price
2015 2016
Atlanta $169,200 $182,900 8.1%
Baltimore $233,500 $245,900 5.3%
Boston $393,600 $417,400 6.0%
Cincinnati $136,600 $151,200 10.7%
Dallas – Fort Worth $206,200 $230,600 11.8%
Houston $209,200 $224,500 7.3%
Indianapolis $149,500 $159,500 6.7%
Kansas City $167,500 $179,200 7.0%
Miami – Fort Lauderdale $285,000 $310,500 8.9%
Minneapolis – St. Paul $222,200 $235,200 5.9%
New Orleans $169,800 $186,700 10.0%
New York – Northern New Jersey – Long Island $363,400 $369,300 1.6%
Philadelphia $213,700 $221,600 3.7%
Phoenix $221,000 $235,600 6.6%
Portland $318,800 $354,700 7.1%
Saint Louis $151,600 $160,800 6.1%
San Antonio $192,100 $206,300 7.4%
San Diego $546,800 $593,000 8.4%
Washington $370,000 $384,300 3.9%
U.S. $222,300 $235,000 5.7%
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

March 23, 2017

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

Sales of new single-family houses in February 2017 were at a seasonally adjusted annual rate of 592,000. This is 6.1 percent above the revised January rate of 558,000 and is 12.8 percent above the February 2016 estimate of 525,000.

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March 22, 2017

February Existing Home Sales (National Association of Realtors)

Existing home sales retreated 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January. Despite last month’s decline, February’s sales pace is still 5.4 percent above a year ago.

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March 16, 2017

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

Single-family authorizations in February were at a rate of 832,000; this is 3.1 percent above the revised January figure of 807,000. Single-family housing starts in February were at a rate of 872,000; this is 6.5 percent above the revised January figure of 819,000. Single-family housing completions in February were at a rate of 754,000; this is 6.5 percent below the revised January rate of 806,000.

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March 1, 2017

Construction Spending (U.S. Department of Commerce)

Construction spending during January 2017 was estimated at a rate of $1,180.3 billion, 1.0 percent below the revised December estimate of $1,192.2 billion. The January figure is 3.1 percent above the January 2016 estimate of $1,144.9 billion.

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February 27, 2017

Pending Home Sales (National Association of Realtors)

The Pending Home Sales Index decreased 2.8 percent to 106.4 in January from an upwardly revised 109.5 in December 2016. Although last month’s index reading is 0.4 percent above last January, it is the lowest since then.

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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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