The demand for home remodels is expected to remain strong—even as the COVID-19 pandemic begins to ease as vaccinations rise and people are no longer trapped inside their abodes obsessing over all
Pending Home Sales Tumble To A 3 Year Low As Housing Crisis Worsens
Dated: February 28 2018
Views: 309
The numbers: Pending-home sales fell 4.7% to 104.6 in January, the National Association of Realtors said Wednesday. That’s the lowest reading since October 2014, and the biggest monthly decline since 2010, as the recovery was just getting started.
What happened: The NAR’s index of pending-home sales, which tracks real-estate transactions in which a contract has been signed, but the transaction hasn’t closed, had been grinding slowly higher. But December’s reading was revised down, and the index is now 3.8% below year-ago levels.
The Econoday consensus was for a 0.3% increase.
The big picture: NAR called the lack of housing market inventory a “crisis” when it reported on existing-home sales in January. Realtors are seeing lots of traffic, the industry group said, even as the number of available listings at the end of January was at an all-time low for the month and 9.5% lower than a year ago, a number it called “startling.”
Contract signings precede sales by about 45 to 60 days, so the January figures don’t bode well for February sales data, nor the overall economy. Sales throughout 2017 were only 1.1% higher than in 2016, and the Realtors expect the recent tax-law changes to take a bite out of sales in 2018.
All regions had declines in January: sales were down 9% in the Northeast, 6.6% in the Midwest, 3.9% in the South and 1.2% in the West.
Mark Ross
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
Latest Blog Posts
A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020 through
In what will be known to future generations as the Great Reshuffling, a recent Zillow survey showed that more than 1 in 10 Americans reported moving in the past 12 months, either by choice or by
Homeowners with a mortgage often hear about the benefits of refinancing—to snag a lower interest rate, reduce their monthly loan payments, and tap into their home equity. The list of advantages is
All information provided is deemed reliable but is not guaranteed and should be independently verified. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by RMLSTM.
The content relating to real estate for sale on this web site comes in part from the IDX program of the
