{"id":5885,"date":"2017-08-24T00:00:00","date_gmt":"2017-08-24T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/half-of-homes-sold-in-less-than-a-month\/"},"modified":"2017-08-24T00:00:00","modified_gmt":"2017-08-24T00:00:00","slug":"half-of-homes-sold-in-less-than-a-month","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/half-of-homes-sold-in-less-than-a-month\/","title":{"rendered":"Half of Homes Sold in Less Than a Month"},"content":{"rendered":"

\n<\/p>\n

<\/p>\n

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.<\/p>\n

Properties typically stayed on the market for 30 days in July, down from 36 days a year ago.<\/p>\n

\u201cBuyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should\u2019ve been a higher sales pace\u201d for existing-home sales last month, says Lawrence Yun, NAR\u2019s chief economist. \u201cContract activity has mostly trended downward since February and ultimately put a large dent on closings last month.\u201d<\/p>\n

Total existing-home sales\u2014including completed transactions for single-family homes, townhomes, condos, and co-ops\u2014decreased 1.3 percent to a seasonally adjusted annual rate of 5.44 million in July. Last month\u2019s sale pace is the lowest of 2017, but it is still 2.1 percent above a year ago.<\/p>\n

Large declines last month in existing-home sales in the Northeast and Midwest offset sale increases in the South and West, NAR reported.<\/p>\n

\u201cJuly was the fourth consecutive month that the typical listing<\/a> went under contract in under one month,\u201d says Yun. \u201cThis speaks to the significant pent-up demand for buying rather than any perceived loss of interest. The frustrating inability for new-home construction to pick up means inadequate supply levels will keep markets competitive heading into the fall.\u201d\u00a0<\/p>\n

Home prices across the country continued to rise last month. NAR reported that the median existing-home price for all housing<\/a> types in July was $258,300, up 6.2 percent from a year ago.<\/p>\n

Meanwhile, inventories of homes for sale<\/a> remain tight. The total housing inventory at the end of July dropped 1 percent to 1.92 million existing homes available for sale. Inventories are now 9 percent lower than a year ago (2.11 million). Unsold inventory is at a 4.2-month supply at the current sales pace, down from a 4.8-month supply a year ago.<\/p>\n

\u201cHome prices are still rising above incomes and way too fast in many markets,\u201d Yun says. \u201cREALTORS\u00ae continue to say prospective buyers are frustrated by how quickly prices are rising for the minimal selection of homes that fit buyers\u2019 budget and wish list.\u201d<\/p>\n

\"\"<\/p>\n

Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n

Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fifty-one percent of homes sold in July were on the market for less than a month, … Half of Homes Sold in Less Than a Month<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5886,"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":[1403,2890,62,12908,543,215,248,127,557,344,416,41,818,479,15282],"class_list":["post-5885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-construction","tag-for-sale","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-homes-for-sale","tag-housing","tag-properties","tag-property","tag-real","tag-realtor","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6306,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/","url_meta":{"origin":5885,"position":0},"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 "Opportunities In New Markets"","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":5885,"position":1},"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 "Opportunities In New Markets"","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":7901,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-2017-home-sales-soared-but-should-have-been-higher\/","url_meta":{"origin":5885,"position":2},"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 "Opportunities In New Markets"","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":1139,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","url_meta":{"origin":5885,"position":3},"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 "Opportunities In New Markets"","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":7547,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-gains-strongest-in-decade\/","url_meta":{"origin":5885,"position":4},"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 "Opportunities In New Markets"","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":6697,"url":"https:\/\/amazingproperty.com.ng\/blog\/meager-sales-rebound-underscores-tough-market\/","url_meta":{"origin":5885,"position":5},"title":"Meager Sales Rebound Underscores Tough Market","author":"Amazing Property","date":"October 20, 2017","format":false,"excerpt":"Following three consecutive months of declines, existing-home sales ticked up in September from the previous month\u2014but ongoing inventory shortages, coupled with recent hurricanes, muted any annual gains, the National Association of REALTORS\u00ae reported Friday. Total existing-home sales, which include single-family homes, townhomes, condos, and co-ops, increased 0.7 percent to a\u2026","rel":"","context":"In "Opportunities In New Markets"","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":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5885","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=5885"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5885\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/5886"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=5885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=5885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=5885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}