Existing home sales slowed for the fourth consecutive month in July!

Interesting data provided by the National Association of Realtors
August 22, 2018
July 2018 Existing Home Sales Snapshot

© National Association of REALTORS®

Existing-home sales slowed for the fourth consecutive month in July, reaching their most sluggish pace in more than two years, the National Association of REALTORS® reports. The West was the only major U.S. region to see an increase in sales last month.

Total existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, fell 0.7 percent month over month to a seasonally adjusted annual rate of 5.34 million in July. Sales are now 1.5 percent lower than a year ago.

Rising home prices may be prompting would-be home buyers to pull away, says NAR Chief Economist Lawrence Yun. “Led by a notable decrease in closings in the Northeast, existing-home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million [units],” Yun says. “Too many would-be buyers are either being priced out or are deciding to postpone their search until more homes in their price range come onto the market.”

Yun notes that a steady climb in home prices over the past year—along with an uptick in mortgage rates this spring—is cooling sales. “This weakening in affordability has put the most pressure on would-be first-time buyers in recent months, who continue to represent only around a third of sales despite a very healthy economy and labor market,” he says. First-time buyers comprised 32 percent of sales in July, down from 33 percent a year ago.

Here’s a closer look at some key indicators from NAR’s July housing report:

  • Home prices: The median existing-home price for all housing types was $296,600, a 4.5 percent increase from a year ago.
  • Inventories: Total housing inventory fell 0.5 percent to 1.92 million existing homes available for sale, unchanged from a year ago. At the current sales pace, unsold inventory is at a 4.3-month supply.
  • Days on the market: Fifty-five percent of homes sold were on the market for less than a month. Properties typically stayed on the market for 27 days, down from 30 days a year ago. “Listings continue to go under contract in under a month, which highlights the feedback from REALTORS® that buyers are swiftly snatching up moderately-priced properties,” Yun says. “Existing supply is still not at a healthy level, and new-home construction is not keeping up to meet demand.”
  • All-cash sales: All-cash transactions compromised 20 percent of sales, up from 19 percent a year ago. Individual investors tend to account for the biggest bulk of cash sales. They purchased 13 percent of homes, unchanged from a year ago.
  • Distressed sales: Foreclosures and short sales accounted for 3 percent of sales, down from 5 percent a year ago. Broken out, 2 percent of sales were foreclosures, and 1 percent were short sales.

July 2018 Existing Home Sales

Author: danswingblog

Welcome to my Blog site. I don't provide this information to boast, I humbly provide this, so you are informed of my qualities and experience. Since the first of 2017 Dans averaged close to $1,000,000 in sales monthly. Dans accomplishments lend wisdom and credibility that I'm proud of. An informed understanding of who you elect to represent you is as important as the investment you hold in your hands. Dan has celebrated over 17 years as a full time Realtor. Successfully listed and sold homes well through the 7 figure market. Advises and assists clients with challenging Portfolios! Not uncommon to be working with foreign nationals, buyers that leverage the Sterling, Euro, and similar currency. Dan welcomes the Global community, with friends in many Nations. He brings a reputation of Integrity, Expertise, and Focus. Our customers deserve the best. Currently a "FULL TIME" Realtor listing and selling homes in Tampa Bay Golf and Country Club and provides B.P.O.'s, Broker Price Opinions, B.O.V's, Broker Opinion of Value to many lenders. Manage and Sells R.E.O., Real Estate Owned properties, distressed properties! Evaluate and negotiate solutions for sellers and lenders. Developed, operated and sold a Florida "AWARD WINNING" Ad Agency! 2010 & 11 Commercial Agent of the year. RE/MAX Paramount Properties. Relocated to RE/MAX Marketing Specialist in January 2012. Successfully closed on many extremely challenging foreclosures, and Short Sale. Coached and participated in Commercial and Multi-Income Family REO's in the past six years. Received license in 2000, took the class to sell his own properties, coerced by instructor to pursue an active license. Assist residential and commercial brokers, investors and individuals with real estate needs. Elected to the Auburndale City Commission in 1986-88. Created and served as 1st Redevelopment Chair in 1988 & 89 personally put in place all the elements for the Auburndale CRA. 1990 City Commission refused to give a full vote of confidence. After a 5 year journey to personally raise funding, extensive research and study for the CRA district perimeters, and stunned with the Commissions doubt. Positioned himself to run for office again, was re-elected to Auburndale Commission, to serve 1991-93 to full fill the CRA master plan! Active with the Central Florida Development Council from conception in 1985 and sat on the board periodically for the past 25 years representing municipalities and private investors. The positions Dan held from 1986 through 1993 enabled him to have a complete workable understanding of the State of Florida Comprehensive Plan for Future Land Use, and the benefits of intergovernmental agreements, utility franchise expansions, and public/private partnerships! Specialties: Assets recovery & receivership, Real Estate Portfolio's, REO & Short Sale of Residential and Commercial negotiations, marketing consultant, public relations, and Broker Price Opinions for residential and commercial lenders.

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