{"id":8373,"date":"2018-02-21T00:00:00","date_gmt":"2018-02-21T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/2018-home-sales-off-to-sluggish-start\/"},"modified":"2018-02-21T00:00:00","modified_gmt":"2018-02-21T00:00:00","slug":"2018-home-sales-off-to-sluggish-start","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/2018-home-sales-off-to-sluggish-start\/","title":{"rendered":"2018 Home Sales Off to Sluggish Start"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"47.144409937888\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"40.826086956522\"><!--paging_filter--><\/p>\n<p>Blame it on the <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> 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.<\/p>\n<p>\u201cThe utter lack of sufficient housing supply and its influence on home prices muted overall sales activity in much of the U.S. last month,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cWhile the good news is that REALTORS\u00ae in most areas are saying buyer traffic is even stronger than the beginning of last year, sales failed to follow course and far lagged last January\u2019s pace. It\u2019s very clear that too many markets right now are becoming less affordable and desperately need more <a href=\"https:\/\/amazingproperty.com.ng\/blog\/sell-your-home-online-fast\/\">new listings<\/a> to clam the speedy price growth.\u201d<\/p>\n<p>Existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, dropped 3.2 percent in January to a seasonally adjusted annual rate of 5.38 million, NAR reports. It is the second consecutive month that existing-home sales have posted declines. Sales are now 4.8 percent below levels from a year ago and are at the slowest pace since last September.<\/p>\n<p><strong>A Closer Look<\/strong><\/p>\n<p>The following are highlights from NAR\u2019s existing-home sales report, reflecting the latest January sales data:<\/p>\n<ul>\n<li><strong>Home prices: <\/strong>The median existing-home price for all housing types was $240,500 in January, up 5.8 percent from a year ago.<\/li>\n<li><strong>Days on the market:<\/strong> Forty-three percent of homes sold in January were on the market for less than a month. Properties stayed on the market an average of 42 days in January, down from 50 days a year ago.<\/li>\n<li><strong>All-cash sales: <\/strong>All-cash sales comprised 22 percent of transactions in January, down from 23 percent a year ago. Individual investors tend to make up the biggest bulk of all-cash sales. They accounted for 17 percent of sales in January, up from 16 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 January, down from 7 percent a year ago. Broken out, four percent of sales in January were foreclosures and 1 percent was short sales.<\/li>\n<li><strong>Inventory: <\/strong>Total housing inventory at the end of January increased 4.1 percent to 1.52 million existing <a href=\"https:\/\/amazingproperty.com.ng\/blog\/homes-for-sale-near-abijo-in-lekki\/\">homes for sale<\/a>. Inventories are still 9.5 percent lower than a year ago. Unsold inventory is at a 3.4-month supply at the current sales pace.<\/li>\n<\/ul>\n<p>\u201cThe underproduction of single-family homes over the last decade has played a predominant role in the current inventory crisis that is weighing on affordability,\u201d says Yun. \u201cHowever, there\u2019s hope that the tide is finally turning. There was a nice jump in new home construction in January and homebuilder confidence is high. These two factors will hopefully lay the foundation for the building industry to meaningfully ramp up production as this year progresses.\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\/2018_feb\/January-EHS-Infographic.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\/images\/2018_feb\/January-EHS-Infographic-2.png\" style=\"width: 620px; height: 382px;\"\/><\/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\/I9RFZHPB87w\/2018-home-sales-sluggish-start\"> Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blame it on the housing shortage: Existing-home sales posted their largest declines on an annual basis &hellip; <a title=\"2018 Home Sales Off to Sluggish Start\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/2018-home-sales-off-to-sluggish-start\/\"><span class=\"screen-reader-text\">2018 Home Sales Off to Sluggish Start<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":8374,"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":[1403,2890,62,623,1285,12908,543,215,248,127,557,344,258,416,41,818,479],"class_list":["post-8373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-construction","tag-for-sale","tag-foreclosure","tag-foreclosures","tag-home","tag-home-buying-guide","tag-home-sale","tag-home-sales","tag-homes","tag-homes-for-sale","tag-housing","tag-new-home","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\/02\/January-EHS-Infographic.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":8373,"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":6697,"url":"https:\/\/amazingproperty.com.ng\/blog\/meager-sales-rebound-underscores-tough-market\/","url_meta":{"origin":8373,"position":1},"title":"Meager Sales Rebound Underscores Tough Market","author":"Amazing Property","date":"October 20, 2017","format":false,"excerpt":"Following three consecutive months of declines, existing-home sales ticked up in September from the previous month\u2014but ongoing inventory shortages, coupled with recent hurricanes, muted any annual gains, the National Association of REALTORS\u00ae reported Friday. Total existing-home sales, which include single-family homes, townhomes, condos, and co-ops, increased 0.7 percent to a\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":8373,"position":2},"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":2370,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-sales-drop-amid-inventory-affordability-issues\/","url_meta":{"origin":8373,"position":3},"title":"Home Sales Drop Amid Inventory, Affordability Issues","author":"Amazing Property","date":"March 22, 2017","format":false,"excerpt":"Existing-home sales dropped in February as tight inventory and weakening affordability conditions kept many buyers out of the market in most parts of the country, the National Association of REALTORS\u00ae reports. Total sales for existing single-family homes, townhomes, condos, and co-ops fell 3.7 percent to a seasonally adjusted annual rate\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":3914,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-are-curbing-sales\/","url_meta":{"origin":8373,"position":4},"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":6306,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-shortages-constrain-existing-home-sales\/","url_meta":{"origin":8373,"position":5},"title":"Housing Shortages Constrain Existing-Home Sales","author":"Amazing Property","date":"September 20, 2017","format":false,"excerpt":"For the fourth time in five months, existing-home sales dropped as a shortage of homes for sale continues to plague the housing 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.\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\/8373","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=8373"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/8373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/8374"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=8373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=8373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=8373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}