Forbes: Housing Market Experiences Growth in January

Home prices rose seven percent last month and home sales gained 5.6 percent over last year.

2017’s housing market is already experiencing growth. According to new figures released by Redfin, U.S. home prices rose seven percent in January while home sales gained 5.6 percent over last year. That growth is being fueled by tightening inventory, which fell 12 percent compared to last year. That’s the largest annual drop in the number of homes for sale since April of 2013.

Redfin Chief Economist Nela Richardson told Forbes, “Buyers jumped through three hurdles last month: rising prices, low inventory and a fast market. Sellers, however, are still warming the bench as the supply picture looks weaker than demand. This was the first January in three years in which new listings fell short of the previous year.”

January’s housing market suggests that the national trend of strong home sales and price growth are driven by more affordable markets. Denver, Colorado was the fastest growing market, with half of all homes pending sale in just 23 days. Seattle, Washington; Oakland, California; Grand Rapids, Michigan and Fresno California were the next fastest markets.

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