{"id":6423,"date":"2017-09-27T00:00:00","date_gmt":"2017-09-27T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/inventory-woes-drain-momentum\/"},"modified":"2017-09-27T00:00:00","modified_gmt":"2017-09-27T00:00:00","slug":"inventory-woes-drain-momentum","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/inventory-woes-drain-momentum\/","title":{"rendered":"Inventory Woes Drain Momentum"},"content":{"rendered":"

\n<\/p>\n

\n <\/p>\n
<\/p>\n

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 August to a 106.3 reading. The index is now at its lowest reading since January 2016.<\/p>\n

The summer\u2019s low supply levels have drained all of the housing<\/a> market\u2019s momentum over the past year, says Lawrence Yun, NAR\u2019s chief economist.\u00a0\u201cAugust was another month of declining contract activity because of the one-two punch of limited listings<\/a> and home prices rising far above incomes,\u201d Yun says. \u201cDemand continues to overwhelm supply in most of the country, and as a result, many would-be buyers from earlier in the year are still in the market for a home, while others have perhaps decided to temporarily postpone their search.\u201d\u00a0\u00a0<\/p>\n

Hurricane Harvey\u2019s damage to the Houston region also contributed to a decline in contract signings in the region in August. Hurricane Irma\u2019s destruction in Florida this month is expected to slow overall sales even more in the South going forward, NAR reports.<\/p>\n

Yun concludes that the housing market has essentially stalled. As such, NAR tweaked its existing-home sales forecasts. The association now expects existing-home sales to finish out 2017 at around 5.44 million, which is about 0.2 percent below the pace set in 2016 (5.45 million).<\/p>\n

\u201cThe supply and affordability headwinds would have likely held sales growth just a tad above last year, but coupled with the temporary effects from Hurricanes Harvey and Irma, sales in 2017 now appear will fall slightly below last year,\u201d Yun says. \u201cThe good news is that nearly all of the missed closings for the remainder of the year will likely show up in 2018, with existing sales forecast to rise 6.9 percent.\u201d<\/p>\n

\"\"<\/p>\n

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

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

Pending home sales receded last month for the fifth time in six months and will likely … Inventory Woes Drain Momentum<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6424,"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":[1403,12908,543,215,248,344,41,818,479],"class_list":["post-6423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-housing","tag-property","tag-real","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":6023,"url":"https:\/\/amazingproperty.com.ng\/blog\/report-short-supplies-pummel-home-sales\/","url_meta":{"origin":6423,"position":0},"title":"Report: Short Supplies Pummel Home Sales","author":"Amazing Property","date":"August 31, 2017","format":false,"excerpt":"Contract signing mostly stalled last month as housing 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. Overall, NAR\u2019s Pending Home Sales Index\u2014a forward-looking\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":"fb_regional_phs_jul17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/fb_regional_phs_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\/09\/fb_regional_phs_jul17.png?fit=620%2C255&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/fb_regional_phs_jul17.png?fit=620%2C255&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3914,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-are-curbing-sales\/","url_meta":{"origin":6423,"position":1},"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 "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":2716,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-jump-to-near-decade-high\/","url_meta":{"origin":6423,"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 "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":7619,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-post-first-gains-since-june\/","url_meta":{"origin":6423,"position":3},"title":"Contract Signings Post First Gains Since June","author":"Amazing Property","date":"December 27, 2017","format":false,"excerpt":"Pending home sales eked out a small increase in November on both a monthly and annualized basis. The increase was enough to make it the highest gain in contract signings since June as well, the National Association of REALTORS\u00ae reported Wednesday.\u00a0 But will it last? Existing-home sales and price growth\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":"November Phs Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/November%20PHS%20Infographic.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\/2017\/12\/November%20PHS%20Infographic.jpg?fit=620%2C661&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/12\/November%20PHS%20Infographic.jpg?fit=620%2C661&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5102,"url":"https:\/\/amazingproperty.com.ng\/blog\/contract-signings-pull-back-on-supply-woes\/","url_meta":{"origin":6423,"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 "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":"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":7974,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-market-starts-2018-on-positive-note\/","url_meta":{"origin":6423,"position":5},"title":"Housing Market Starts 2018 on Positive Note","author":"Amazing Property","date":"January 31, 2018","format":false,"excerpt":"Contract signings on home sales rose slightly in December, reaching their highest level since last March, the National Association of REALTORS\u00ae reported Wednesday. NAR\u2019s Pending Home Sales Index, a forward-looking indicator based on contract signings, moved 0.5 percent higher to a reading of 110.1 last month, 0.5 percent higher than\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":"Jan18 Dn Phsinfographic.jpeg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/jan18_DN_PHSInfographic.jpeg?fit=640%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/jan18_DN_PHSInfographic.jpeg?fit=640%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/jan18_DN_PHSInfographic.jpeg?fit=640%2C683&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/August%20PHS%20Infographic.jpg?fit=750%2C800&ssl=1","_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6423","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=6423"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/6423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/6424"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=6423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=6423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=6423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}