In This Week’s “The EDGE” • 2017 – A Record Year for Houston Housing Despite Harvey • Houston Market Movements • Economist Ted Jones Looks Into His Crystal Ball for 2018 • Graduate to a New Designation “The Edge” is a weekly tool for managers to use to inform their agents and stay current and up-to-date with important real estate industry issues. Brought to you by the HAR Communications Department.

2017 – A Record Year for Houston Housing Despite Harvey HAR released December and Full-Year 2017 MLS statistics last week. Here are some key takeaways from the MLS report in case you missed it: Despite the devastating impact of Hurricane Harvey, 2017 turned out to be a record year for Houston real estate, with 79,117 single-family homes sold. That is up 3.5 percent from the previous record of 76,450 sold in 2016. Total dollar volume for 2017 was $23 billion, a 6.5 percent increase over 2016. The single-family home median price rose 1.7 percent to a December high of $230,000 while the average price declined 0.6 percent to $292,174. Months of inventory began the year at a 3.3-months supply, and while it grew to a 4.3-months supply just before Harvey struck, it ended 2017 at a 3.2-months supply. Housing inventory nationally stands at a 3.4-months supply, according to NAR. December leases of single-family homes fell 3.6 percent year-over-year while leases of townhomes and condominiums climbed 7.3 percent. For more detailed information, please visit the HAR Online Newsroom for this and all other HAR news releases.

Houston Market Movements As we close the books on 2017, it is clear that there is an ongoing national housing shortage. Year-over-year inventory levels have been down in most markets for several years now, and that trend is expected to persist in 2018. Even if there are occasional increases in the number of homes for sale from week to week, home supply is too low to achieve a balanced market. That said, consumers are most definitely purchasing homes quickly and often above asking price. Demand is strong, and there is plenty to feel optimistic about in 2018. In the Houston region, for the week ending December 31: • New Listings decreased 30.8% to 889 • Pending Sales increased 0.8% to 955 • Closed Sales decreased 4.3% to 1,921

Economist Ted Jones Looks Into His Crystal Ball for 2018 If you missed Stewart Title Chief Economist and former HAR Chairman Dr. Ted C. Jones’ 2018 economic forecast for the Houston market last week, you’re in luck. We have the coveted information online HERE!

Graduate to a New Designation GRI: Real Estate Law HAR presents the Graduate REALTOR® Institute (GRI) Real Estate Law class over four days in late January. GRI is the most widely recognized of the national real estate designations. Topics include concepts and descriptions, rights and estates, residential contracts and legal considerations. Classes may be taken in any order and satisfy 10 hours of elective CE or 30 hours of SAE. Please confirm your eligibility and review the requirements necessary to earn this designation by visiting the designation holder’s site or contacting the HAR Professional Development department. Date: January 25, 26, 29 & 30 Time: 8:30 a.m. to 5 p.m. Location: HAR Central Investment: $295 Register HERE today! Questions? Please call 713.629.1900 ext. 6