{"id":5460,"date":"2017-07-24T00:00:00","date_gmt":"2017-07-24T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-dip-as-buyers-get-tripped-up\/"},"modified":"2017-07-24T00:00:00","modified_gmt":"2017-07-24T00:00:00","slug":"home-sales-dip-as-buyers-get-tripped-up","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-dip-as-buyers-get-tripped-up\/","title":{"rendered":"Home Sales Dip as Buyers Get \u2018Tripped Up\u2019"},"content":{"rendered":"<p>\n<\/p>\n<div property=\"dc:description\" readability=\"66.656985187337\"><!--paging_filter--><\/p>\n<p>Low inventory slowed down home sales last month, as buyers faced fewer options and record-high <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> prices, the National Association of REALTORS\u00ae reported Monday.<\/p>\n<blockquote readability=\"6.6614509246088\">\n<p><strong>Regional Snapshot<\/strong><\/p>\n<p>Here\u2019s a closer look at how existing-home sales fared across the country in June:<\/p>\n<ul>\n<li><strong>Northeast:<\/strong> Dropped 2.6 percent to an annual rate of 760,000 but are still 1.3 percent above a year ago. Median price: $296,300, up 4.1 percent from a year ago.<\/li>\n<li><strong>Midwest: <\/strong>Increased 3.1 percent to an annual rate of 1.32 million. Median price: $213,000, up 7.7 percent from a year ago.<\/li>\n<li><strong>South: <\/strong>Fell 4.7 percent to an annual rate of 2.23 million. Median price: $231,300, up 6.2 percent from a year ago.<\/li>\n<li><strong>West: <\/strong>Dropped 0.8 percent to an annual rate of 1.21 million but are still 2.5 percent above a year ago. Median price: $378,100, up 7.4 percent from a year ago.\u00a0<\/li>\n<\/ul>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n<p>Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 1.8 percent in June to a seasonally adjusted annual rate of 5.52 million. Nevertheless, the pace of sales rose a modest 0.7 percent compared to a year ago.<\/p>\n<p>\u201cClosings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that\u2019s straining their budget,\u201d says NAR chief economist Lawrence Yun. \u201cThe demand for buying a home is as strong as it has been since before the Great Recession. <a href=\"https:\/\/amazingproperty.com.ng\/blog\/house-for-sale-listings\/\">Listings<\/a> in affordable price ranges continue to be scooped up rapidly, but the severe <a href=\"https:\/\/amazingproperty.com.ng\/blog\/sell-your-home-online-fast\/\">housing<\/a> shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines.\u201d<\/p>\n<p>Here\u2019s a closer look at some of the top housing indicators in June from NAR\u2019s latest report:<\/p>\n<p><strong>Home prices: <\/strong>The median existing-home price for all housing types was $263,800, up 6.5 percent from a year ago. It\u2019s now the highest median price on record.<\/p>\n<p><strong>Inventories: <\/strong>The supply of existing homes available for sale dropped 0.5 percent to 1.96 million units. That\u2019s 7.1 percent lower than a year ago; unsold inventory is at a 4.3-month supply at the current sales pace.<\/p>\n<p><strong>Days on the market:<\/strong> Fifty-four percent of sold homes were on the market less than a month. Properties took an average of 28 days to sell, down from a timeline of 34 days a year ago. Short sales spent the longest amount of time on the market at 102 days, <a href=\"https:\/\/amazingproperty.com.ng\/blog\/guide-on-how-to-buy-a-foreclosed-home\/\">foreclosures<\/a> sold in 57 days, and nondistressed homes took a median of 27 days to sell.<\/p>\n<p><strong>All-cash sales: <\/strong>Cash transactions made up 18 percent of home sales, the lowest figure since 2009. Individual investors accounted for the biggest bulk of cash sales\u201413 percent\u2014unchanged from a year ago.<\/p>\n<p><strong>Distressed sales:<\/strong> Foreclosures and short sales made up 4 percent of sales, which matches the lowest share recorded last September since NAR began tracking such data in October 2008. Foreclosures comprised 3 percent of sales, while short sales made up 1 percent.\u00a0<\/p>\n<p><strong>First-time buyers:<\/strong> First-timers accounted for 32 percent of sales, down from 33 percent a year ago. \u201cIt\u2019s shaping up to be another year of below-average sales to first-time buyers despite a healthy economy that continues to create jobs,\u201d Yun says. \u201cWorsening supply and affordability conditions in many markets have unfortunately put a temporary hold on many aspiring buyers\u2019 dreams of owning a home this year.\u201d\u00a0\u00a0<\/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_jul\/June%20EHS%20Infographic%20%231.jpg\" style=\"width: 620px; height: 661px;\"\/><\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/48gLdzwTrbA\/home-sales-dip-buyers-get-tripped-up\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Low inventory slowed down home sales last month, as buyers faced fewer options and record-high real &hellip; <a title=\"Home Sales Dip as Buyers Get \u2018Tripped Up\u2019\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/home-sales-dip-as-buyers-get-tripped-up\/\"><span class=\"screen-reader-text\">Home Sales Dip as Buyers Get \u2018Tripped Up\u2019<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5461,"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":[1403,180,62,623,1285,12908,543,215,248,127,344,416,41,818,84,479,15282],"class_list":["post-5460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-buying-a-home","tag-for-sale","tag-foreclosure","tag-foreclosures","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-housing","tag-properties","tag-property","tag-real","tag-real-estate","tag-realtor","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/June EHS Infographic #1.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2370,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-drop-amid-inventory-affordability-issues\/","url_meta":{"origin":5460,"position":0},"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":1139,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","url_meta":{"origin":5460,"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":3710,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/","url_meta":{"origin":5460,"position":2},"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":7180,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-are-rising-despite-supply-woes\/","url_meta":{"origin":5460,"position":3},"title":"Home Sales Are Rising Despite Supply Woes","author":"Amazing Property","date":"November 21, 2017","format":false,"excerpt":"Existing-home sales in October rose to the strongest pace since earlier this summer, the National Association of REALTORS\u00ae reported Tuesday. Total existing-home sales\u2014which comprise completed transactions of single-family homes, townhomes, condos, and co-ops\u2014rose 2 percent month over month to a seasonally adjusted annual rate of 5.48 million. Sales are now\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 Ehs Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%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\/11\/October%20EHS%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%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\/11\/October%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5875,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-new-homes-pricing-out-too-many-buyers\/","url_meta":{"origin":5460,"position":4},"title":"Are New Homes Pricing Out Too Many Buyers?","author":"Amazing Property","date":"August 24, 2017","format":false,"excerpt":"The prices of newly built homes are rapidly rising, which\u00a0may have\u00a0caused\u00a0the plunge\u00a0in new-home sales last month, CNBC reports.\u00a0Sales of newly built single-family homes tumbled 9.4 percent month over month in July to a seasonally adjusted annual rate of 571,000 units, the U.S. Department of Housing and Urban Development and 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":"regional_nhs_jul17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/regional_nhs_jul17.png?fit=620%2C255&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/regional_nhs_jul17.png?fit=620%2C255&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/regional_nhs_jul17.png?fit=620%2C255&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":7547,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-gains-strongest-in-decade\/","url_meta":{"origin":5460,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5460","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=5460"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/5461"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=5460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=5460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=5460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}