Existing Home Sales vs. Housing Supply

first_img Demand Propels Home Prices Upward 2 days ago May 24, 2018 2,112 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save in Daily Dose, Featured, Market Studies, News Previous: Untapped Urban Development Potential Next: Dodd-Frank Reform and Tenant Protections in Foreclosure Governmental Measures Target Expanded Access to Affordable Housing 2 days ago About Author: Radhika Ojha Related Articles Home / Daily Dose / Existing Home Sales vs. Housing Supplycenter_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Sign up for DS News Daily The sale of existing homes declined 2.5 percent in April after seeing a brief upward movement in the previous two months according to the latest existing-home sales data released by the National Association of Realtors (NAR) on Thursday. Total existing-home sales, which are completed transactions for single-family homes, townhomes, condominiums, and co-ops, decreased to a seasonally adjusted annual rate of 5.46 million in April, down from 5.6 million in March, the report indicated. On a year-over-year basis, home sales fell for two straight months and were 1.4 percent below a year ago in April according to NAR. Additionally, this slump in sales was felt across all the four U.S. regions covered by NAR, thanks to the “staggeringly low inventory levels,” according to Lawrence Yun, Chief Economist, NAR.“The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home,” he said.The report noted that though total housing inventory at the end of April increased 9.8 percent to 1.80 million homes available for sale, it was still 6.3 percent lower than the level of 1.92 million recorded a year ago and had fallen for 35 consecutive months. Unsold inventory was at a four-month supply at the current pace of sales, compared to 4.2 months a year ago during the same period.“What is available for sale is going under contract at a rapid pace,” Yun said. “Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high.”While the median price for existing homes this April rose 5.3 percent to $257,900 from $245,000 in April 2017, the report indicated that properties stayed on the market for an average of 26 days in April. This was lower than 30 days recorded in February this year and 29 days during the same period a year ago. The report said that 57 percent of homes sold in April were on the market for less than a month.“With mortgage rates and home prices continuing to climb, an increase in housing supply is absolutely crucial to keeping affordability conditions from further deterioration,” Yun said. “The current pace of price appreciation far above incomes is not sustainable in the long run.” Demand Propels Home Prices Upward 2 days ago Tagged with: Days on Market Existing Home Sales Home Sales Homes HOUSING Housing Inventory Inventory Median Price NAR Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Existing Home Sales vs. Housing Supply The Best Markets For Residential Property Investors 2 days ago Subscribe Days on Market Existing Home Sales Home Sales Homes HOUSING Housing Inventory Inventory Median Price NAR 2018-05-24 Radhika Ojhalast_img

Leave a Reply

Your email address will not be published. Required fields are marked *