{"id":7901,"date":"2018-01-24T00:00:00","date_gmt":"2018-01-24T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/nar-2017-home-sales-soared-but-should-have-been-higher\/"},"modified":"2018-01-24T00:00:00","modified_gmt":"2018-01-24T00:00:00","slug":"nar-2017-home-sales-soared-but-should-have-been-higher","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/nar-2017-home-sales-soared-but-should-have-been-higher\/","title":{"rendered":"NAR: 2017 Home Sales Soared, But Should Have Been Higher"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"53.406017470074\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"52.417017146555\"><!--paging_filter--><\/p>\n<p>Existing-home sales in 2017 surged to the best year for sales in 11 years, the National Association of REALTORS\u00ae reported Wednesday.\u00a0<\/p>\n<p>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 million, which had been the highest pace since 2006.<\/p>\n<p>However, the end-of-the-year sales numbers were overcast somewhat by a slower sales pace in December. Existing-home sales decreased 3.6 percent in December month over month to a seasonally adjusted annual rate of 5.57 million.<\/p>\n<p>\u201cExisting sales concluded the year on a softer note, but they were guided higher these last 12 months by a multistreak of exceptional job growth, which ignited buyer demand,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cAt the same time, market conditions were far from perfect. <a href=\"https:\/\/amazingproperty.com.ng\/blog\/sell-your-home-online-fast\/\">New listings<\/a> struggled to keep up with what was sold very quickly, and buying became less affordable in a large swath of the country. These two factors ultimately muted what should have been a stronger sales pace.\u201d<\/p>\n<p>Closings scaled back in most areas of the country in December due to affordability and inventory woes, Yun adds. \u201cAffordability pressures persisted, and the pool of interested buyers at the end of the year significantly outweighed what was available for sale,\u201d Yun says.<\/p>\n<p><strong>Market Snapshot for December<\/strong><\/p>\n<p>Here are some key highlights from NAR\u2019s latest <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> report:<\/p>\n<ul>\n<li><strong>Home prices: <\/strong>The median existing-home price for all housing types in December was $246,800, which is 5.8 percent higher than a year ago.<\/li>\n<li><strong>First-time buyers: <\/strong>First-time home purchasers comprised 32 percent of sales in December, up from 29 percent in November.<\/li>\n<li><strong>Days on the market:<\/strong> Forty-four percent of homes sold in December were on the market for less than a month. Properties typically stayed on the market for 40 days in December, down from 52 days a year ago.<\/li>\n<li><strong>All-cash transactions: <\/strong>All-cash sales comprised 20 percent of transactions in December, which is down slightly from 21 percent a year ago. Individual investors, who make up the bulk of cash sales, accounted for 16 percent of the homes sold in December, up from 14 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 made up 5 percent of sales in December, down from 7 percent a year ago. Broken out, 4 percent of December\u2019s sales were foreclosures and 1 percent were short sales.<\/li>\n<li><strong>Inventory: <\/strong>Total housing inventory fell 11.4 percent in December to 1.48 million existing homes available for sale. Inventory is now 10.3 percent lower than a year ago. Unsold inventory is at a 3.2-month supply at the current sales pace, which is the lowest level since NAR began tracking such data in 1999.<\/li>\n<\/ul>\n<p>\u201cThe lack of supply over the past year has been eye-opening\u00a0and\u00a0is why, even with strong job creation pushing wages higher, <a href=\"https:\/\/amazingproperty.com.ng\/blog\/tips-for-house-price-negotiation\/\">home price<\/a> gains\u2014at 5.8 percent nationally in 2017\u2014doubled the pace of income growth and were even swifter in several markets,\u201d Yun explains.<\/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\/180124EHS1.jpg\" style=\"width: 620px; height: 661px;\"\/><\/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\/180124EHS2.png\" style=\"width: 620px; height: 382px;\"\/><\/p>\n<p><em>Source: National Association of REALTORS\u00ae<\/em><\/p>\n<p>\u00a0<\/p>\n<\/div>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/rG_xhgsfY40\/nar-2017-home-sales-soared-should-have-been-higher\"> Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Existing-home sales in 2017 surged to the best year for sales in 11 years, the National &hellip; <a title=\"NAR: 2017 Home Sales Soared, But Should Have Been Higher\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/nar-2017-home-sales-soared-but-should-have-been-higher\/\"><span class=\"screen-reader-text\">NAR: 2017 Home Sales Soared, But Should Have Been Higher<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7902,"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":[1403,15239,62,623,1285,12908,543,215,248,127,344,416,41,818,479],"class_list":["post-7901","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-homes","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\/2018\/01\/180124EHS1.jpg?fit=620%2C661&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":7901,"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":5885,"url":"https:\/\/amazingproperty.com.ng\/blog\/half-of-homes-sold-in-less-than-a-month\/","url_meta":{"origin":7901,"position":1},"title":"Half of Homes Sold in Less Than a Month","author":"Amazing Property","date":"August 24, 2017","format":false,"excerpt":"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. Properties typically stayed on the market for 30 days in July, down from 36 days a year ago. \u201cBuyer interest in 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":"July-EHS-Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%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\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/08\/July%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8373,"url":"https:\/\/amazingproperty.com.ng\/blog\/2018-home-sales-off-to-sluggish-start\/","url_meta":{"origin":7901,"position":2},"title":"2018 Home Sales Off to Sluggish Start","author":"Amazing Property","date":"February 21, 2018","format":false,"excerpt":"Blame it on the housing shortage: Existing-home sales posted their largest declines on an annual basis in more than three years, the National Association of REALTORS\u00ae reported Wednesday. All major regions of the U.S. saw monthly and annual sales decline in January. \u201cThe utter lack of sufficient housing supply and\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":"January Ehs Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/January-EHS-Infographic.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\/2018\/02\/January-EHS-Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/January-EHS-Infographic.jpg?fit=750%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/02\/January-EHS-Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":7547,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-gains-strongest-in-decade\/","url_meta":{"origin":7901,"position":3},"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":7180,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-are-rising-despite-supply-woes\/","url_meta":{"origin":7901,"position":4},"title":"Home Sales Are Rising Despite Supply Woes","author":"Amazing Property","date":"November 21, 2017","format":false,"excerpt":"Existing-home sales in October rose to the strongest pace since earlier this summer, the National Association of REALTORS\u00ae reported Tuesday. 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\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":"October Ehs Infographic.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%20EHS%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\/11\/October%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/October%20EHS%20Infographic.jpg?fit=750%2C800&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":1139,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","url_meta":{"origin":7901,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7901","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=7901"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/7902"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}