{"id":7180,"date":"2017-11-21T00:00:00","date_gmt":"2017-11-21T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-are-rising-despite-supply-woes\/"},"modified":"2017-11-21T00:00:00","modified_gmt":"2017-11-21T00:00:00","slug":"home-sales-are-rising-despite-supply-woes","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-are-rising-despite-supply-woes\/","title":{"rendered":"Home Sales Are Rising Despite Supply Woes"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"50.908445945946\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"47.448648648649\"><!--paging_filter--><\/p>\n<p>Existing-home sales in October rose to the strongest pace since earlier this summer, the National Association of REALTORS\u00ae reported Tuesday.<\/p>\n<p>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 at the strongest pace since June\u2019s 5.51 million.<\/p>\n<p>However, sales remain 0.9 percent below a year ago, NAR reports. Continual supply shortages have led to fewer closings on an annual basis for the second consecutive month.<\/p>\n<p>\u201cJob growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cWhile the <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> market gained a little more momentum last month, sales are still below year-ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.\u201d<\/p>\n<p>Lower sales are still evident in parts of Texas and Florida from Hurricanes Harvey and Irma, Yun notes. He predicts that sales will rebound to their pre-storm levels by the end of the year \u201cas demand for buying in these areas was very strong before the storms.\u201d<\/p>\n<p><strong>October Snapshot<\/strong><\/p>\n<p>Here\u2019s a closer look at existing-home sales in October, according to NAR\u2019s report:<\/p>\n<ul>\n<li><strong>Home prices:<\/strong> The median existing-home price for all housing types in October was $247,000, up 5.5 percent from a year ago.<\/li>\n<li><strong>Inventory: <\/strong>Total housing inventory at the end of October dropped 3.2 percent to 1.80 million existing homes available for sale. Inventory is now 10.4 percent lower than a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace, down from 4.4 months a year ago.<\/li>\n<li><strong>All-cash sales:<\/strong> All-cash transactions comprised 20 percent of sales in October, down from 22 percent a year ago. Individual investors make up the biggest bulk of cash sales. They accounted for 13 percent of sales in October, unchanged from 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 October, down from 5 percent a year ago. Broken out, foreclosures comprised 3 percent of sales and short sales made up 1 percent.<\/li>\n<li><strong>Days on the market: <\/strong>Forty-seven percent of homes sold in October were on the market for less than a month. Properties, on average, stayed on the market for 34 days in October, down from 41 days a year ago.<\/li>\n<\/ul>\n<p>\u201cListings\u2014especially those in the affordable price range\u2014continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying,\u201d Yun says. \u201cWith the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter.\u201d\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_nov\/October%20EHS%20Infographic.jpg\" style=\"width: 620px; height: 661px;\"\/><\/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\/w6CQKLBFTO4\/home-sales-are-rising-despite-supply-woes\"> Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Existing-home sales in October rose to the strongest pace since earlier this summer, the National Association &hellip; <a title=\"Home Sales Are Rising Despite Supply Woes\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/home-sales-are-rising-despite-supply-woes\/\"><span class=\"screen-reader-text\">Home Sales Are Rising Despite Supply Woes<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7181,"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":[1403,62,623,1285,12908,543,215,248,127,617,344,416,41,818,479],"class_list":["post-7180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-for-sale","tag-foreclosure","tag-foreclosures","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-house","tag-housing","tag-properties","tag-property","tag-real","tag-realtor"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3710,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-zoom-to-highest-pace-in-decade\/","url_meta":{"origin":7180,"position":0},"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":1139,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","url_meta":{"origin":7180,"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":7547,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-gains-strongest-in-decade\/","url_meta":{"origin":7180,"position":2},"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":2442,"url":"https:\/\/amazingproperty.com.ng\/blog\/new-home-sales-jump-6\/","url_meta":{"origin":7180,"position":3},"title":"New-Home Sales Jump 6%","author":"Amazing Property","date":"March 24, 2017","format":false,"excerpt":"Sales of newly built single-family homes posted a robust month in February. New-home sales rose to a seasonally adjusted annual rate of 592,000 units, up 6.1 percent month over month and 12.8 percent ahead of last year, the Commerce Department reported this week. Read more: Buyers Are Being Drawn to\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":3867,"url":"https:\/\/amazingproperty.com.ng\/blog\/buyers-rushing-toward-new-construction\/","url_meta":{"origin":7180,"position":4},"title":"Buyers Rushing Toward New Construction","author":"Amazing Property","date":"April 26, 2017","format":false,"excerpt":"Sales of newly built single-family homes increased for the third consecutive month, posting a strong showing to the spring selling season, the Commerce Department reported Tuesday. Single-family new-home sales rose 5.8 percent in March to a seasonally adjusted annual rate of 621,000 units. \u201cThe March sales numbers are the second\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":7901,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-2017-home-sales-soared-but-should-have-been-higher\/","url_meta":{"origin":7180,"position":5},"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 &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":"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":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7180","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=7180"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/7181"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}