{"id":4778,"date":"2017-05-31T00:00:00","date_gmt":"2017-05-31T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/nar-buyers-face-double-whammy-this-spring\/"},"modified":"2017-05-31T00:00:00","modified_gmt":"2017-05-31T00:00:00","slug":"nar-buyers-face-double-whammy-this-spring","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/nar-buyers-face-double-whammy-this-spring\/","title":{"rendered":"NAR: Buyers Face &#039;Double Whammy\u2019 This Spring"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div readability=\"49.615404430706\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"45.194229778465\"><!--paging_filter--><\/p>\n<p>For the second consecutive month, pending home sales scaled back as significantly weak supply levels of <a href=\"https:\/\/amazingproperty.com.ng\/blog\/homes-for-sale-near-abijo-in-lekki\/\">homes for sale<\/a> continue to press on affordability conditions, the National Association of REALTORS\u00ae reported Wednesday.<\/p>\n<p>NAR\u2019s Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1.3 percent in April to a 109.9 reading. The index is now 3.3 percent below a year ago. All four major regions saw a decrease in contract signings last month, except for the West.<\/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_may\/April%20PHS%20Infographic.jpg\" style=\"width: 620px; height: 661px;\"\/><\/p>\n<p>\u201cMuch of the country for the second straight month saw a pullback in pending sales as the rate of <a href=\"https:\/\/amazingproperty.com.ng\/blog\/sell-your-home-online-fast\/\">new listings<\/a> continues to lag the quicker pace of homes coming off the market,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cREALTORS\u00ae are indicating that foot traffic is higher than a year ago, but it\u2019s obviously not translating to more sales. Prospective buyers are feeling the double whammy this spring of inventory that\u2019s down 9 percent from a year ago and price appreciation that\u2019s much faster than any rise they\u2019ve likely seen in their income.\u201d\u00a0<\/p>\n<p>Low inventory levels likely won\u2019t go away anytime soon either, Yun says. Homebuilding activity remains constrained and too few homeowners are <a href=\"https:\/\/amazingproperty.com.ng\/blog\/nigeria-property-center\/\">listing<\/a> their homes for sale, Yun notes.<\/p>\n<p>\u201cThe unloading of the single-family homes purchased by <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> investors during the downturn for rental purposes would also go a long way in helping relieve these inventory shortages,\u201d Yun says. \u201cTo date, there are no indications investors are ready to sell. However, they should be mindful of the fact that rental demand will soften as the overall population of young adults starts to shrink in roughly five years.\u201d<\/p>\n<p>Yun\u2019s <a href=\"https:\/\/amazingproperty.com.ng\/blog\/affordable-housing-markets-for-buyers\/\">housing<\/a> forecast calls for existing-home sales to be around 5.64 million this year, an uptick of 3.5 percent from 2016 (5.45 million). NAR forecasts that median existing-home prices will rise about 5 percent.<\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n<p>[ad_2]<br \/>\n<br \/><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/XW0YXdlw7Vs\/nar-buyers-face-double-whammy-spring\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] For the second consecutive month, pending home sales scaled back as significantly weak supply levels &hellip; <a title=\"NAR: Buyers Face &#039;Double Whammy\u2019 This Spring\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/nar-buyers-face-double-whammy-this-spring\/\"><span class=\"screen-reader-text\">NAR: Buyers Face &#039;Double Whammy\u2019 This Spring<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":4779,"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":[1403,15239,63,62,12908,543,215,248,627,127,557,344,1007,41,818,84,479,678],"class_list":["post-4778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-for-rent","tag-for-sale","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homeowners","tag-homes","tag-homes-for-sale","tag-housing","tag-owners","tag-property","tag-real","tag-real-estate","tag-realtor","tag-rental"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/April%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3914,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-are-curbing-sales\/","url_meta":{"origin":4778,"position":0},"title":"Housing Shortages Are Curbing Sales","author":"Amazing Property","date":"April 27, 2017","format":false,"excerpt":"Pending home sales took a slight dip last month due to a dearth of homes for sale, the National Association of REALTORS\u00ae reported Thursday. The South was the only major region of the U.S. to see an increase in contract signings last month. Read more: Are Your Buyers Getting Frustrated\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":2716,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-jump-to-near-decade-high\/","url_meta":{"origin":4778,"position":1},"title":"Contract Signings Jump to Near Decade High","author":"Amazing Property","date":"March 29, 2017","format":false,"excerpt":"Pending home sales posted a strong rebound in February, soaring to the highest level in nearly a year and the second highest level in more than a decade, the National Association of REALTORS\u00ae reported Wednesday. All major regions saw an uptick in sales contracts last month. Sales Contracts By Region\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":7286,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-good-bad-behind-latest-home-sales-report\/","url_meta":{"origin":4778,"position":2},"title":"The Good, Bad Behind Latest Home Sales Report","author":"Amazing Property","date":"November 29, 2017","format":false,"excerpt":"Following three consecutive months of declines, pending home sales rebounded strongly in October. But contract signings are still sliding behind levels from a year ago as potential home buyers continue to get frustrated at the lack of inventory. The National Association of REALTORS\u00ae reported that its Pending Home Sales Index,\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":"October Phs Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%20PHS%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\/11\/October%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1377,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-would-be-higher-if\/","url_meta":{"origin":4778,"position":3},"title":"Contract Signings Would Be Higher If\u2026","author":"Amazing Property","date":"February 27, 2017","format":false,"excerpt":"[ad_1] Pending home sales weakened in January as insufficient supply levels of homes for sale continues to press on many markets, particularly in the Midwest and West, the National Association of REALTORS\u00ae reported Monday. Regional Look Here is how pending home sales fared across the country in January: Northeast: The\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":5102,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-pull-back-on-supply-woes\/","url_meta":{"origin":4778,"position":4},"title":"Contract Signings Pull Back on Supply Woes","author":"Amazing Property","date":"June 28, 2017","format":false,"excerpt":"[ad_1] Ongoing inventory shortages are propelling home prices higher, causing pending home sales to slump for the third consecutive month, the National Association of REALTORS\u00ae reported Wednesday. None of the major regions of the U.S. saw an increase in contract activity in May. NAR\u2019s Pending Home Sales Index, a forward-looking\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":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/May%20PHS%20Infographic.jpg?fit=540%2C576&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/May%20PHS%20Infographic.jpg?fit=540%2C576&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/06\/May%20PHS%20Infographic.jpg?fit=540%2C576&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5542,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-poised-to-reverse-downward-trend\/","url_meta":{"origin":4778,"position":5},"title":"Home Sales Poised to Reverse Downward Trend","author":"Amazing Property","date":"July 31, 2017","format":false,"excerpt":"Though existing-home sales took a hit last month, June\u2019s pending home sales\u2014a forward-looking indicator based on contract signings\u2014suggest a comeback is in line for most of the country. Every major region of the U.S. except the Midwest saw an uptick in contract signings last month, the National Association of REALTORS\u00ae\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":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/June%20PHS%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\/07\/June%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/June%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/June%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4778","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=4778"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/4778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/4779"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=4778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=4778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=4778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}