{"id":6306,"date":"2017-09-20T00:00:00","date_gmt":"2017-09-20T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/"},"modified":"2017-09-20T00:00:00","modified_gmt":"2017-09-20T00:00:00","slug":"housing-shortages-constrain-existing-home-sales","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/","title":{"rendered":"Housing Shortages Constrain Existing-Home Sales"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"52.369709688702\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"50.393494228751\"><!--paging_filter--><\/p>\n<p>For the fourth time in five months, existing-home sales dropped as a shortage of <a href=\"https:\/\/amazingproperty.com.ng\/blog\/homes-for-sale-near-abijo-in-lekki\/\">homes for sale<\/a> continues to plague the <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> 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.<\/p>\n<p>Existing-home sales did see an increase in the Northeast and Midwest in August but were outpaced by sales declines in the South and West, according to NAR\u2019s report.<\/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\/August%20EHS%20Infographic%20%231.jpg\" style=\"width: 360px; height: 384px; float: right; margin: 3px;\"\/><\/p>\n<p>Total existing-home sales\u2014which include completed transactions for single-family homes, townhomes, condos, and co-ops\u2014eased 1.7 percent in August to a seasonally adjusted annual rate of 5.35 million. Last month\u2019s sales are at the lowest levels in nearly a year.<\/p>\n<p>Nevertheless, demand among potential buyers remains high. However, not enough homeowners are selling, says Lawrence Yun, NAR\u2019s chief economist.<\/p>\n<p>\u201cSteady employment gains, slowly rising incomes, and lower <a href=\"https:\/\/amazingproperty.com.ng\/blog\/mortgage-preapproval-guide-for-home-buyers\/\">mortgage<\/a> rates generated sustained buyer interest all summer long, but unfortunately, not more home sales,\u201d Yun says. \u201cWhat\u2019s ailing the housing market and continues to weigh on overall sales is the inadequate levels of available inventory and the upward pressure it\u2019s putting on prices in several parts of the country.\u201d<\/p>\n<p>The South saw a decline in closings last month that was largely attributed to the after-effects from Hurricane Harvey in the Houston area. Home sales likely will be impacted for the rest of the year in Houston and in the most severely affected areas in Florida after Hurricane Irma. \u201cNearly all of the lost activity will likely show up in 2018,\u201d Yun says.<\/p>\n<p>The following are some key housing indicators from NAR\u2019s latest report:<\/p>\n<ul>\n<li><strong>Home prices: <\/strong>The median existing-home price\u00a0for all housing types in August was $253,500, up 5.6 percent from a year ago.<\/li>\n<li><strong>Inventory: <\/strong>Total housing inventory\u00a0at the end of August dropped 2.1 percent to 1.88 million existing homes available for sale, and is now 6.5 percent lower than a year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from 4.5 months a year ago.\u00a0\u00a0<\/li>\n<li><strong>Days on the market: <\/strong>Fifty-one percent of homes sold in August were on the market for less than a month.\u00a0Properties typically stayed on the market for 30 days in August, down from 36 days a year ago.<\/li>\n<li><strong>All-cash sales: <\/strong>All-cash transactions comprised 20 percent of transactions in August, down from 22 percent a year ago. Individual investors account for the biggest bulk of cash sales. Investors purchased 15 percent of homes in August, up from 12 percent a year ago.<\/li>\n<li><strong>Distressed sales:<\/strong> <a href=\"https:\/\/amazingproperty.com.ng\/blog\/guide-on-how-to-buy-a-foreclosed-home\/\">Foreclosures<\/a> and short sales accounted for 4 percent of sales in August, slipping from 5 percent a year ago. Broken out, 3 percent of sales in August were foreclosures, and 1 percent were short sales.<\/li>\n<\/ul>\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\/August%20EHS%20Infographic%20%232.jpeg\" style=\"width: 620px; height: 374px;\"\/><\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/bsNSyUhlLr4\/housing-shortages-constrain-existing-home-sales\"> Realtors.org <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the fourth time in five months, existing-home sales dropped as a shortage of homes for &hellip; <a title=\"Housing Shortages Constrain Existing-Home Sales\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/\"><span class=\"screen-reader-text\">Housing Shortages Constrain Existing-Home Sales<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6307,"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":[1403,15239,62,623,1285,12908,543,215,248,627,127,557,344,408,1295,1007,416,41,818,479],"class_list":["post-6306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-for-sale","tag-foreclosure","tag-foreclosures","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homeowners","tag-homes","tag-homes-for-sale","tag-housing","tag-mortgage","tag-mortgage-rate","tag-owners","tag-properties","tag-property","tag-real","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/August EHS Infographic #1.jpg","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":6306,"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":6306,"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":7913,"url":"https:\/\/amazingproperty.com.ng\/blog\/housings-state-of-union-pressing-issues-ahead\/","url_meta":{"origin":6306,"position":2},"title":"Housing\u2019s State of Union: Pressing Issues Ahead","author":"Amazing Property","date":"January 26, 2018","format":false,"excerpt":"President Donald Trump\u2019s State of the Union address is slated for next week, but realtor.com\u00ae released its own \u201cState of the Housing Union.\u201d The housing market outlook is looking bright on several fronts: strong buyer demand, particularly among first-timers, and a growing U.S. economy urging more consumers to buy. But\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":"Realtorcom Housingstateofunion.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/realtorcom_housingstateofunion.jpg?fit=281%2C1200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6890,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-home-prices-accelerate-in-third-quarter\/","url_meta":{"origin":6306,"position":3},"title":"NAR: Home Prices Accelerate in Third Quarter","author":"Amazing Property","date":"November 1, 2017","format":false,"excerpt":"Constrained inventories are pushing up home prices at a rapid pace in nearly all major metro areas in the third quarter, the National Association of REALTORS\u00ae reported Thursday.\u00a0 The national median existing single-family home price in the third quarter was $254,000, up 5.3 percent from the median a year ago\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 Ehs 3qu17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1438,"url":"https:\/\/amazingproperty.com.ng\/blog\/owners-are-spending-more-on-remodeling\/","url_meta":{"origin":6306,"position":4},"title":"Owners Are Spending More on Remodeling","author":"Amazing Property","date":"February 28, 2017","format":false,"excerpt":"[ad_1] Baby boomers may be sparking a remodeling boom. Homeowner spending on remodeling projects is expected to see steady growth through 2025, according to Demographic Change and the Remodeling Outlook, released by Harvard Joint Center for Housing Studies.\u00a0Older owners are expected to make up the majority of those spending gains\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":11494,"url":"https:\/\/amazingproperty.com.ng\/blog\/homeowners-saw-almost-20-equity-jump-in-a-year\/","url_meta":{"origin":6306,"position":5},"title":"Homeowners Saw Almost 20% Equity Jump in a Year","author":"Amazing Property","date":"November 21, 2022","format":false,"excerpt":"Equity Jump, The first quarter of 2021, the average homeowner gained about $33,400 in equity over the past year. \u00a0 Existing homeowners may be feeling richer since they've received a notable boost to their home equity over the last year. Homeowners with a mortgage have seen their equity climb nearly\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":"Equity Jump","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/06\/Equity-Jump.png?fit=1024%2C733&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/06\/Equity-Jump.png?fit=1024%2C733&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/06\/Equity-Jump.png?fit=1024%2C733&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2021\/06\/Equity-Jump.png?fit=1024%2C733&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6306","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=6306"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6306\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6307"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}