{"id":2370,"date":"2017-03-22T00:00:00","date_gmt":"2017-03-22T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-drop-amid-inventory-affordability-issues\/"},"modified":"2017-03-22T00:00:00","modified_gmt":"2017-03-22T00:00:00","slug":"home-sales-drop-amid-inventory-affordability-issues","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-drop-amid-inventory-affordability-issues\/","title":{"rendered":"Home Sales Drop Amid Inventory, Affordability Issues"},"content":{"rendered":"<p>\n<\/p>\n<div property=\"dc:description\" readability=\"69.718003186405\"><!--paging_filter--><\/p>\n<p>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 of 5.48 million, compared to 5.69 million in January, according to the report. However, the pace of sales in February remained 5.4 percent above a year ago.<\/p>\n<blockquote readability=\"6.7135980746089\">\n<p><strong>Sales By Region<\/strong><\/p>\n<p>A regional breakdown of how existing-home sales fared across the country in February:<\/p>\n<ul>\n<li><strong>Northeast:<\/strong> fell 13.8 percent to an annual rate of 690,000. That&#8217;s still 1.5 percent above a year ago. Median price: $250,200, which is 4.1 percent above year-ago levels.<\/li>\n<li><strong>Midwest:<\/strong> dropped 7 percent to an annual rate of 1.20 million. That&#8217;s still 2.6 percent above a year ago. Median price: $171,700, up 6.1 percent from a year ago.\u2028\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/li>\n<li><strong>South: <\/strong>increased 1.3 percent to an annual rate of 2.34 million. That&#8217;s 5.9 percent above February 2016. Median price: $205,300, up 9.6 percent from a year ago.\u2028\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/li>\n<li><strong>West:<\/strong> decreased 3.1 percent to an annual rate of 1.25 million. That&#8217;s 9.6 percent above a year ago. Median price: $339,900, up 9.6 percent from a year ago.<\/li>\n<\/ul>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n<p>&#8220;REALTORS\u00ae are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that&#8217;s pushing up price growth and pressuring the budgets of prospective buyers,&#8221; says NAR chief economist Lawrence Yun. &#8220;Newly <a href=\"https:\/\/amazingproperty.com.ng\/blog\/nigeria-property-center\/\">listed<\/a> properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.&#8221;<\/p>\n<p>Here are some key indicators of the <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> market in February from NAR&#8217;s latest report.<\/p>\n<p><strong>Home prices: <\/strong>The median existing-home price for all housing types was $228,400\u2014up 7.7 percent from a year ago ($212,100).<\/p>\n<p><strong>Inventories: <\/strong>Total housing inventory rose 4.2 percent to 1.75 million existing homes available for sale, but that&#8217;s still 6.4 percent lower than a year ago (1.87 million). Unsold inventory is at a 3.8-month supply at the current sales pace. Inventories have dropped year over year for 21 consecutive months.<\/p>\n<p><strong>Distressed sales: <\/strong><a href=\"https:\/\/amazingproperty.com.ng\/blog\/guide-on-how-to-buy-a-foreclosed-home\/\">Foreclosures<\/a> and short sales accounted for 7 percent of sales for the third consecutive month and are down from 10 percent a year ago. Six percent of sales were foreclosures, and 1 percent were short sales. Foreclosures were discounted an average 18 percent below market value, while short sales were discounted 17 percent.<\/p>\n<p><strong>Days on the market: <\/strong>Forty-two percent of homes sold in February were on the market for less than a month. On average, properties stayed on the market for 45 days, down considerably from a 59-day average a year ago. Short sales were on the market the longest, at a median of 214 days in February; foreclosures sold in 49 days on average; and non-distressed homes took an average of 45 days.<\/p>\n<p><strong>All-cash sales:<\/strong> All-cash transactions accounted for 27 percent of sales. That&#8217;s an increase from 25 percent a year ago and is the highest level since November 2015. Individual investors, who account for the bulk of cash sales, purchased 17 percent of homes, down from 18 percent a year ago. \u00a0<\/p>\n<p>&#8220;The affordability constraints holding back renters from buying is a signal to many investors that rental demand will remain solid for the foreseeable future,&#8221; Yun says. &#8220;Investors are still making up an above-average share of the market right now, despite steadily rising home prices and few <a href=\"https:\/\/amazingproperty.com.ng\/blog\/how-to-find-distressed-properties-in-the-united-states\/\">distressed properties<\/a> on the market, and their financial wherewithal to pay in cash gives them a leg up on the competition against first-time buyers.&#8221;<\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/JIRbxkIoIDo\/home-sales-drop-amid-inventory-affordability-issues\"> link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Existing-home sales dropped in February as tight inventory and weakening affordability conditions kept many buyers out &hellip; <a title=\"Home Sales Drop Amid Inventory, Affordability Issues\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/home-sales-drop-amid-inventory-affordability-issues\/\"><span class=\"screen-reader-text\">Home Sales Drop Amid Inventory, Affordability Issues<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":2371,"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":true,"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":[1403,15239,62,623,1285,12908,543,215,248,127,344,41,818,678,15282],"class_list":["post-2370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-for-sale","tag-foreclosure","tag-foreclosures","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-housing","tag-property","tag-real","tag-rental","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/03\/JIRbxkIoIDo","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1139,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","url_meta":{"origin":2370,"position":0},"title":"Existing-Home Sales Reach Decade High","author":"Amazing Property","date":"February 22, 2017","format":false,"excerpt":"[ad_1] 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. Sales By Region Here's how existing-home sales fared across the country in January: Northeast: Rose 5.3 percent to an annual\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":2370,"position":1},"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":5885,"url":"https:\/\/amazingproperty.com.ng\/blog\/half-of-homes-sold-in-less-than-a-month\/","url_meta":{"origin":2370,"position":2},"title":"Half of Homes Sold in Less Than a Month","author":"Amazing Property","date":"August 24, 2017","format":false,"excerpt":"Fifty-one percent of homes sold in July were on the market for less than a month, according to the National Association of REALTORS\u00ae\u2019 existing-home sales report, released Thursday. Properties typically stayed on the market for 30 days in July, down from 36 days a year ago. \u201cBuyer interest in 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":"July-EHS-Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":7901,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-2017-home-sales-soared-but-should-have-been-higher\/","url_meta":{"origin":2370,"position":3},"title":"NAR: 2017 Home Sales Soared, But Should Have Been Higher","author":"Amazing Property","date":"January 24, 2018","format":false,"excerpt":"Existing-home sales in 2017 surged to the best year for sales in 11 years, the National Association of REALTORS\u00ae reported Wednesday.\u00a0 Total existing-home sales\u2014which include completed transactions for single-family homes, townhomes, condos, and co-ops\u2014rose 1.1 percent in 2017 to a 5.51 million sales pace. The sales pace surpassed 2016\u2019s 5.45\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":"180124ehs1.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/180124EHS1.jpg?fit=620%2C661&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/180124EHS1.jpg?fit=620%2C661&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/180124EHS1.jpg?fit=620%2C661&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3710,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/","url_meta":{"origin":2370,"position":4},"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. 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Total existing-home sales\u2014which includes completed transactions for single-family homes, townhomes, condos, and co-ops\u2014increased\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":"Dec16 Dn Ehsinfographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/dec16_DN_EHSInfographic.jpg?fit=350%2C373&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2370","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=2370"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2370\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/2371"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2370"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2370"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2370"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}