The housing market reached new price peaks in 2017, shattering records left over from the 2005 housing boom.
Home prices rose as the number of homes for sale continued to drop — even more so than previous years. Meanwhile, the number sales stayed about the same.
Strong job growth, low unemployment and historically low-interest rates all contributed to rising prices, said Mark Goldman, finance and real estate lecturer at San Diego State University.
“If you look back at 2017, it was a robust year,” Goldman said. “Interest rates were quite good, the economy was continuing to barrel ahead, wages were strong, employment was strong and millennials were aging into the homebuying market.”