{"id":3710,"date":"2017-04-21T00:00:00","date_gmt":"2017-04-21T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/"},"modified":"2017-04-21T00:00:00","modified_gmt":"2017-04-21T00:00:00","slug":"home-sales-zoom-to-highest-pace-in-decade","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/","title":{"rendered":"Home Sales Zoom to Highest Pace in Decade"},"content":{"rendered":"<p>\n<\/p>\n<div property=\"dc:description\" readability=\"76.72285095112\"><!--paging_filter--><\/p>\n<p>This spring\u2019s <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> 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.<\/p>\n<p>Strong sales gains in the Northeast and Midwest were behind most of the nationwide 4.4 percent month-over-month increase in existing-home sales in March. The West was the only major region of the U.S. to see a modest decline in sales activity last month.<\/p>\n<blockquote readability=\"6.7457264957265\">\n<p><strong>Regional Breakdown\u00a0<\/strong><\/p>\n<p>The following is a closer look at how existing-home sales performed across the country in March:<\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<ul>\n<li><strong>Northeast: <\/strong>Existing-home sales jumped 10.1 percent in the region, reaching an annual rate of 760,000. Sales are now 4.1 percent above a year ago. Median price: $260,800, which is 2.8 percent higher than a year ago.<\/li>\n<li><strong>Midwest: <\/strong>Existing-home sales rose 9.2 percent to an annual rate of 1.31 million in March, and are 3.1 percent above a year ago. Median price: $183,000, up 6.2 percent from a year ago.<\/li>\n<li><strong>South:<\/strong> Existing-home sales increased 3.4 percent to an annual rate of 2.42 million, and are 8.5 percent above March 2016. Median price: $210,600, up 8.6 percent from a year ago.<\/li>\n<li><strong>West:<\/strong> Existing-home sales in the West dropped 1.6 percent to an annual rate of 1.22 million in March, but remain 5.2 percent above a year ago. Median price: $347,500, up 8 percent from March 2016.\u00a0<\/li>\n<\/ul>\n<\/blockquote>\n<p>\u201cThe early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cAlthough finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in <a href=\"https:\/\/amazingproperty.com.ng\/blog\/house-for-sale-listings\/\">listings<\/a> in March for sales to muster a strong gain. Sales will go up as long as inventory does.\u201d<\/p>\n<p>Total existing-home sales\u2014which include completed transactions for single-family homes, townhomes, condos, and co-ops\u2014reached a seasonally adjusted annual rate of 5.71 million in March. The sales pace is 5.9 percent above a year ago. Further, existing-home sales are now the strongest month of sales since February 2007 (5.79 million).<\/p>\n<p>Here\u2019s a closer look at some of the key indicators from NAR\u2019s latest housing report, reflecting March housing numbers:<\/p>\n<p><strong>Home prices: <\/strong>The median existing-home price for all housing types was $236,400, up 6.8 percent from a year ago when it averaged $221,400.<\/p>\n<p><strong>Days on the market: <\/strong>Properties stayed on the market for an average of 34 days in March, down significantly from 47 days a year ago. Short sales took the longest to sell at a median of 90 days in March; <a href=\"https:\/\/amazingproperty.com.ng\/blog\/guide-on-how-to-buy-a-foreclosed-home\/\">foreclosures<\/a> sold in 52 days; and non-distressed homes took a median of 32 days\u2014which is the shortest length of time since NAR began tracking such data in May 2011. Forty-eight percent of homes sold in March were on the market for less than a month.<\/p>\n<p><strong>All-cash sales: <\/strong>All-cash transactions comprised 23 percent of sales in March, down from 25 percent a year ago. Individual investors make up the biggest bulk of cash sales. They purchased 15 percent of homes in March, up from 14 percent a year ago.<\/p>\n<p><strong>Distressed sales: <\/strong>Foreclosures and short sales made up 6 percent of existing-home sales in March, down from 8 percent a year ago. Broken out, 5 percent of sales in March were foreclosures and 1 percent were short sales. On average, foreclosures sold for a discount of 16 percent below market value; short sales were discounted an average of 14 percent.<\/p>\n<p><strong>Inventories:<\/strong> Housing inventory at the end of March rose 5.8 percent to 1.83 million existing homes available for sale. Inventory is 6.6 percent lower than a year ago (1.96 million). Unsold inventory is now at a 3.8-month supply at the current sales pace.<\/p>\n<p>\u201cBolstered by strong consumer confidence and underlying demand, home sales are up convincingly from a year ago nationally and in all four major regions despite the fact that buying a home has gotten more expensive over the past year,\u201d Yun says.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"\" src=\"https:\/\/i0.wp.com\/realtormag.realtor.org\/sites\/realtormag.realtor.org\/files\/rmo_files\/images\/2017_apr\/EHS%20Infographic%20%232.jpeg\" style=\"width: 600px; height: 354px;\"\/><\/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\/n7tN7_iocsc\/home-sales-zoom-highest-pace-in-decade\"> link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This spring\u2019s housing mantra: Going, going, gone! \u201cSevere\u201d housing shortages are prompting existing homes to sell &hellip; <a title=\"Home Sales Zoom to Highest Pace in Decade\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/\"><span class=\"screen-reader-text\">Home Sales Zoom to Highest Pace in Decade<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":3711,"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":[1403,180,15239,62,623,1285,12908,543,215,248,127,617,344,416,41,818,15282],"class_list":["post-3710","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-properties","tag-property","tag-real","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/04\/EHS Infographic #2.jpeg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":7547,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-gains-strongest-in-decade\/","url_meta":{"origin":3710,"position":0},"title":"Existing-Home Sales Gains Strongest in Decade","author":"Amazing Property","date":"December 20, 2017","format":false,"excerpt":"For the third consecutive month, existing-home sales were on the rise, with all major regions of the country except the West posting a \u201csignificant hike in sales activity\u201d last month, the National Association of REALTORS\u00ae reported Wednesday. 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":[]},{"id":1139,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","url_meta":{"origin":3710,"position":1},"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":3867,"url":"https:\/\/amazingproperty.com.ng\/blog\/buyers-rushing-toward-new-construction\/","url_meta":{"origin":3710,"position":2},"title":"Buyers Rushing Toward New Construction","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"Sales of newly built single-family homes increased for the third consecutive month, posting a strong showing to the spring selling season, the Commerce Department reported Tuesday. Single-family new-home sales rose 5.8 percent in March to a seasonally adjusted annual rate of 621,000 units. \u201cThe March sales numbers are the second\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":8373,"url":"https:\/\/amazingproperty.com.ng\/blog\/2018-home-sales-off-to-sluggish-start\/","url_meta":{"origin":3710,"position":3},"title":"2018 Home Sales Off to Sluggish Start","author":"Amazing Property","date":"February 21, 2018","format":false,"excerpt":"Blame it on the housing shortage: Existing-home sales posted their largest declines on an annual basis in more than three years, the National Association of REALTORS\u00ae reported Wednesday. All major regions of the U.S. saw monthly and annual sales decline in January. \u201cThe utter lack of sufficient housing supply and\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":"January Ehs Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/January-EHS-Infographic.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\/2018\/02\/January-EHS-Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/January-EHS-Infographic.jpg?fit=750%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/January-EHS-Infographic.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":3710,"position":4},"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":7271,"url":"https:\/\/amazingproperty.com.ng\/blog\/new-home-sales-surge-to-10-year-high\/","url_meta":{"origin":3710,"position":5},"title":"New-Home Sales Surge to 10-Year High","author":"Amazing Property","date":"November 28, 2017","format":false,"excerpt":"Sales of new single-family homes jumped 6.2 percent in October to a seasonally adjusted annual rate of 685,000 units, the Commerce Department reported Monday. This marks the highest pace for new-home sales since October 2007. \u201cThe October report shows strong sales growth at entry-level price points,\u201d\u00a0says Granger MacDonald, chairman 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":"Regional Nhs Oct17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_nhs_oct17.png?fit=600%2C247&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_nhs_oct17.png?fit=600%2C247&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_nhs_oct17.png?fit=600%2C247&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3710","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=3710"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/3710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/3711"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=3710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=3710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=3710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}