{"id":1139,"date":"2017-02-22T00:00:00","date_gmt":"2017-02-22T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/"},"modified":"2017-02-22T00:00:00","modified_gmt":"2017-02-22T00:00:00","slug":"existing-home-sales-reach-decade-high","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","title":{"rendered":"Existing-Home Sales Reach Decade High"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div readability=\"43.956546117185\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"36.710961592375\"><!--paging_filter--><\/p>\n<p>Existing-home sales in January reached their fastest pace in nearly a decade, with all major regions except the Midwest posting gains last month, the National Association of REALTORS\u00ae reports.<\/p>\n<blockquote readability=\"6.6748633879781\">\n<p><strong>Sales By Region<\/strong><\/p>\n<p>Here&#8217;s how existing-home sales fared across the country in January:<\/p>\n<ul>\n<li><strong>Northeast: <\/strong>Rose 5.3 percent to an annual rate of 800,000, 6.7 percent above a year ago. Median price: $253,800, which is 2.5 percent above a year ago.<\/li>\n<li><strong>Midwest: <\/strong>Dropped 1.5 percent to an annual rate of 1.29 million, 0.8 percent below a year ago. Median price: $174,900, up 6.5 percent from a year ago.<\/li>\n<li><strong>South:<\/strong> Increased 3.6 percent to an annual rate of 2.31 million, 3.1 percent above a year ago. Median price: $201,400, up 9.2 percent from a year ago.\u2028\u00a0\u00a0\u00a0\u00a0<\/li>\n<li><strong>West: <\/strong>Rose 6.6 percent to an annual rate of 1.29 million, 8.4 percent above a year ago. Median price: $332,300, up 6.8 percent from a year ago.<\/li>\n<\/ul>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n<p>Total existing-home sales\u2014completed transactions that include single-family homes, townhomes, condos, and co-ops\u2014rose 3.3 percent to a seasonally adjusted annual rate of 5.69 million in January. That&#8217;s 3.8 percent higher than a year ago and marks the strongest month since February 2007, according to NAR.<\/p>\n<p>&#8220;Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,&#8221; says NAR chief economist Lawrence Yun. &#8220;Market challenges remain, but the <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> market is off to a prosperous start as home buyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.&#8221;<\/p>\n<h4>5 Stats to Gauge the Market in January<\/h4>\n<ol>\n<li><strong>Home prices:<\/strong> The median existing-home price for all housing types in January was $228,900\u2014a 7.1 percent increase from a year ago.<\/li>\n<li><strong>Inventories: <\/strong>Total housing inventories at the end of the month increased 2.4 percent to 1.69 million existing homes available for sale. That is still 7.1 percent lower than a year ago (with a 1.82 million supply). Unsold inventory is at a 3.6-month supply at the current sales pace.<\/li>\n<li><strong>Distressed sales: <\/strong><a href=\"https:\/\/amazingproperty.com.ng\/blog\/guide-on-how-to-buy-a-foreclosed-home\/\">Foreclosures<\/a> and short sales made up 7 percent of all sales last month, down from 9 percent a year ago. In January, 5 percent of sales were foreclosures and 2 percent were short sales. Foreclosures sold at an average discount of 14 percent below market value, while short sales were discounted 10 percent.<\/li>\n<li><strong>All-cash sales:<\/strong> All-cash transactions comprised 23 percent of transactions in January, down from 26 percent a year ago. Individual investors make up the bulk of all-cash sales. They purchased 15 percent of homes in January, down from 17 percent a year ago.<\/li>\n<li><strong>Days on the market:<\/strong> Thirty-eight percent of homes sold in January were on the market for less than a month. On average, sold properties spent 50 days on the market, down from 64 days a year ago. Short sales lingered on the market the longest, at a median of 108 days, while foreclosures sold in 51 days. Non-distressed homes spent a median of 49 days on the market.<\/li>\n<\/ol>\n<p>&#8220;Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,&#8221; Yun says. The REALTORS\u00ae Affordability Distribution Curve and Score, a new measurement of homebuying activity created by NAR and <a href=\"https:\/\/amazingproperty.com.ng\/blog\/estate-agents-nearby\/\">realtor<\/a>.com\u00ae, revealed that the combination of higher <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> rates and home prices made active <a href=\"https:\/\/amazingproperty.com.ng\/blog\/house-for-sale-listings\/\">listings<\/a> less affordable for households in more than half of all states last month.<\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/7PnNumRMFZc\/existing-home-sales-reach-decade-high\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Existing-home sales in January reached their fastest pace in nearly a decade, with all major &hellip; <a title=\"Existing-Home Sales Reach Decade High\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/\"><span class=\"screen-reader-text\">Existing-Home Sales Reach Decade High<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1140,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,180,15239,62,623,1285,12908,543,215,248,127,617,344,408,1295,41,818,15282],"class_list":["post-1139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-buying-a-home","tag-chase","tag-for-sale","tag-foreclosure","tag-foreclosures","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-house","tag-housing","tag-mortgage","tag-mortgage-rate","tag-property","tag-real","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/7PnNumRMFZc","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3710,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/","url_meta":{"origin":1139,"position":0},"title":"Home Sales Zoom to Highest Pace in Decade","author":"Amazing Property","date":"April 21, 2017","format":false,"excerpt":"This spring\u2019s housing mantra: Going, going, gone! \u201cSevere\u201d housing shortages are prompting existing homes to sell significantly faster this year, propelling home sales to the highest pace in more than a decade, the National Association of REALTORS\u00ae reported Friday. Strong sales gains in the Northeast and Midwest were behind most\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2370,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-drop-amid-inventory-affordability-issues\/","url_meta":{"origin":1139,"position":1},"title":"Home Sales Drop Amid Inventory, Affordability Issues","author":"Amazing Property","date":"March 22, 2017","format":false,"excerpt":"Existing-home sales dropped in February as tight inventory and weakening affordability conditions kept many buyers out of the market in most parts of the country, the National Association of REALTORS\u00ae reports. Total sales for existing single-family homes, townhomes, condos, and co-ops fell 3.7 percent to a seasonally adjusted annual rate\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5460,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-dip-as-buyers-get-tripped-up\/","url_meta":{"origin":1139,"position":2},"title":"Home Sales Dip as Buyers Get \u2018Tripped Up\u2019","author":"Amazing Property","date":"July 24, 2017","format":false,"excerpt":"Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real estate prices, the National Association of REALTORS\u00ae reported Monday. Regional Snapshot Here\u2019s a closer look at how existing-home sales fared across the country in June: Northeast: Dropped 2.6 percent to an annual rate of\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8265,"url":"https:\/\/amazingproperty.com.ng\/blog\/more-markets-hitting-record-high-home-prices\/","url_meta":{"origin":1139,"position":3},"title":"More Markets Hitting Record-High Home Prices","author":"Amazing Property","date":"February 13, 2018","format":false,"excerpt":"It\u2019s a good time to be a homeowner: Nearly two-thirds of housing markets across the country saw home prices at all-time highs in the fourth quarter of 2017, the National Association of REALTORS\u00ae reported Tuesday. By Region Here\u2019s a closer look at how existing-home sales fared in the fourth quarter\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Fb Regional Ehs 4qu Feb17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/fb_regional_ehs_4QU-feb17.png?fit=620%2C286&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":6306,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/","url_meta":{"origin":1139,"position":4},"title":"Housing Shortages Constrain Existing-Home Sales","author":"Amazing Property","date":"September 20, 2017","format":false,"excerpt":"For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing market. Strained supply levels of homes are making it that sales are unable \u201cto break out,\u201d according to the National Association of REALTORS\u00ae\u2019 latest housing report, released Wednesday.\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6890,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-home-prices-accelerate-in-third-quarter\/","url_meta":{"origin":1139,"position":5},"title":"NAR: Home Prices Accelerate in Third Quarter","author":"Amazing Property","date":"November 1, 2017","format":false,"excerpt":"Constrained inventories are pushing up home prices at a rapid pace in nearly all major metro areas in the third quarter, the National Association of REALTORS\u00ae reported Thursday.\u00a0 The national median existing single-family home price in the third quarter was $254,000, up 5.3 percent from the median a year ago\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Regional Ehs 3qu17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=1139"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/1139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/1140"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=1139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=1139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=1139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}