{"id":6023,"date":"2017-08-31T00:00:00","date_gmt":"2017-08-31T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/report-short-supplies-pummel-home-sales\/"},"modified":"2017-08-31T00:00:00","modified_gmt":"2017-08-31T00:00:00","slug":"report-short-supplies-pummel-home-sales","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/report-short-supplies-pummel-home-sales\/","title":{"rendered":"Report: Short Supplies Pummel Home Sales"},"content":{"rendered":"<p>\n<\/p>\n<div property=\"dc:description\" readability=\"55.576047024247\"><!--paging_filter--><\/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_aug\/fb_regional_phs_jul17.png\" style=\"width: 620px; height: 255px;\"\/><\/p>\n<p>Contract signing mostly stalled last month as <a href=\"https:\/\/amazingproperty.com.ng\/blog\/affordable-housing-markets-for-buyers\/\">housing<\/a> shortages across the country continued to hamper home sales, the National Association of REALTORS\u00ae reported Thursday. The West was the only major region of the U.S. to see an uptick in pending July home sales.<\/p>\n<p>Overall, NAR\u2019s Pending Home Sales Index\u2014a forward-looking indicator based on contract signings\u2014dropped 0.8 percent to a reading of 109.1 in July. The index is now 1.3 percent lower than a year ago. It has fallen on an annual basis in three of the past four months.<\/p>\n<blockquote readability=\"6.6463595839525\">\n<p><strong>Regional Outlook<\/strong><\/p>\n<p>Here\u2019s a closer look at readings from NAR\u2019s Pending Home Sales Index across the country:<\/p>\n<ul>\n<li><strong>Northeast:<\/strong>\u00a0Pending home sales dropped 0.3 percent to an index reading of 97.7 in July. Pending home sales are still 2.4 percent above a year ago.<\/li>\n<li><strong>Midwest:<\/strong>\u00a0Pending home sales fell 0.7 percent to 103.3 in July, and are now 2.8 percent lower than July 2016.\u00a0<\/li>\n<li><strong>South:<\/strong>\u00a0Pending home sales declined 1.7 percent to an index reading of 123.1 in July and are now 0.2 percent below last July.<\/li>\n<li><strong>West:<\/strong>\u00a0Pending home sales increased 0.6 percent in July to an index reading of 102.3, but sales are still 4 percent below a year ago.\u00a0<\/li>\n<\/ul>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/blockquote>\n<p>\u201cWith the exception of a minimal gain in the West, pending sales were weaker in most areas in July as house hunters saw limited options for sale and highly competitive market conditions,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cThe housing market remains stuck in a holding pattern with little signs of breaking through. The pace of <a href=\"https:\/\/amazingproperty.com.ng\/blog\/sell-your-home-online-fast\/\">new listings<\/a> is not catching up with what\u2019s being sold at an astonishingly fast pace.\u201d<\/p>\n<p>In the past five years, the national median sales price has increased 38 percent. Hourly earnings, on the other hand, have increased by less than a third of that (12 percent), Yun notes. Affordability is becoming a growing problem in many markets, as more consumers are being priced out of housing, Yun says.<\/p>\n<p>Nevertheless, buyer traffic continues to be higher than a year ago, Yun notes. The typical <a href=\"https:\/\/amazingproperty.com.ng\/blog\/nigeria-property-center\/\">listing<\/a> has gone under contract within a month since April, and inventory at the end of July was 9 percent lower than last July.<\/p>\n<p>\u201cThe reality, therefore, is that sales in the coming months will not break out unless supply miraculously improves,\u201d Yun says. \u201cThis seems unlikely given the inadequate pace of housing starts in recent months and the lack of interest from <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> investors looking to sell.\u201d<\/p>\n<p>Yun is projecting that existing-home sales will close out 2017 at about 5.52 million, a 1.3 percent increase from 2016\u2019s 5.45 million. He predicts that the median existing-home price will increase by about 5 percent.<\/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\/TTjpHA8H2A8\/report-short-supplies-pummel-home-sales\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Contract signing mostly stalled last month as housing shortages across the country continued to hamper home &hellip; <a title=\"Report: Short Supplies Pummel Home Sales\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/report-short-supplies-pummel-home-sales\/\"><span class=\"screen-reader-text\">Report: Short Supplies Pummel Home Sales<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6024,"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":[1403,62,12908,543,215,248,617,344,41,818,84,479,15282],"class_list":["post-6023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-for-sale","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-house","tag-housing","tag-property","tag-real","tag-real-estate","tag-realtor","tag-ross"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/fb_regional_phs_jul17.png?fit=620%2C255&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":6023,"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":1377,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-would-be-higher-if\/","url_meta":{"origin":6023,"position":1},"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":2716,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-jump-to-near-decade-high\/","url_meta":{"origin":6023,"position":2},"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":5102,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-pull-back-on-supply-woes\/","url_meta":{"origin":6023,"position":3},"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":4778,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-buyers-face-double-whammy-this-spring\/","url_meta":{"origin":6023,"position":4},"title":"NAR: Buyers Face &#039;Double Whammy\u2019 This Spring","author":"Amazing Property","date":"May 31, 2017","format":false,"excerpt":"[ad_1] For the second consecutive month, pending home sales scaled back as significantly weak supply levels of homes for sale continue to press on affordability conditions, the National Association of REALTORS\u00ae reported Wednesday. NAR\u2019s Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1.3 percent in April\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\/05\/April%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\/05\/April%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/05\/April%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\/05\/April%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":6423,"url":"https:\/\/amazingproperty.com.ng\/blog\/inventory-woes-drain-momentum\/","url_meta":{"origin":6023,"position":5},"title":"Inventory Woes Drain Momentum","author":"Amazing Property","date":"September 27, 2017","format":false,"excerpt":"Pending home sales receded last month for the fifth time in six months and will likely pull existing sales for the year below the pace set in 2016, according to the National Association of REALTORS\u00ae\u2019 forward-looking indicator, which is based on contract signings.\u00a0NAR\u2019s Pending Home Sales Index\u00a0fell 2.6 percent in\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":"August-PHS-Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/August%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\/09\/August%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/August%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\/09\/August%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\/6023","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=6023"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6024"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}