From the NAR: "Existing-home sales slowed in most of the country in December, but 2017 as a whole edged up 1.1 percent and was the best year for sales in 11 years." Low inventory levels and rising home prices continue to keep existing home sales relatively low compared to the pre-recession period.

The percentage of first-time buyers, the metric that we watch most closely, remains stubbornly low. At its peak in 2005, 52% of existing sales were purchased from first-time buyers.