Articles Tagged with ''NAR''

Improving economy can’t push home sales higher

Pending home sales see third consecutive annual decline
Pending home sales decreased annually in March, and are showing no signs of improvement as housing inventory fails to keep up with homebuyer demand. NAR explained healthy economic conditions are creating considerable demand for purchasing a home, but not all buyers are able to sign contracts because of the lack of choices in inventory.
Read More

Existing home sales increase for second consecutive month

But continue to lag behind last year’s levels
Existing home sales increased in March for the second consecutive month, however as inventory shortages persist, home sales continue to fall below last year’s levels. One expert explained it’s hard to sell homes in large numbers when there’s so few available to buy, and that raises the question of whether the market has reached or surpassed its peak sales volume given current conditions.
Read More

First-time homebuyers struggle amid rising affordability challenges

Can only afford 20% of housing stock in some markets
A new study from NAR and realtor.com shows affordability continues to slip across the U.S., falling even further from last year as home prices continue to rise and mortgage rates increase. NAR explained that while wages are increasing, so are home prices. Here’s what can be done to combat the rising affordability issues.
Read More

Realtors Property Resource founding CEO announces retirement

Will step down May 1, 2018
Realtors Property Resource, a wholly owned subsidiary of the National Association of Realtors, announced this week that its founding CEO Dale Ross will retire. Ross will step down as of May 1, 2018, and Jeff Young, who has been named chief operating officer and general manager will assume responsibility for all RPR activities.
Read More

Spring home buying season begins: pending home sales rise

Low inventory levels still restricting market
The spring home buying season is already beginning as pending home sales reversed course and increased in much of the country in February. NAR explained the expanding economy and healthy job market are generating sizable homebuyer demand, but the minuscule number of listings on the market and its adverse effect on affordability are squeezing buyers and suppressing overall activity.
Read More

Housing industry clashes over support of new spending bill

Funds government through September, but what does it do for housing?
Congress passed a $1.3 trillion budget Friday, avoiding what would have been a third government shutdown in 2018, but now, the housing industry disagrees over the contents of the bill. While home builders said the bill was not enough, Realtors were pushing Congress to move forward with its passage.
Read More

Existing home sales bounce back 3% in February

Increase seen despite low inventory and rising home prices
Existing home sales reversed course in February after two months of declines and despite consistently low inventory and fast-growing prices, according to the report from the National Association of Realtors. Existing home sales increased 3% in February to a seasonally adjusted annual rate of 5.54 million in February, up from 5.38 million last month.
Read More

Millennials lead all other generations in buying homes

Most likely generation to use Realtors
Millennials held the highest share of home buying activity out of all other generations for the fifth consecutive year. Just over one-third of all home purchases were made by Millennials, however, low levels of housing inventory and higher home prices continue to hold back many potential buyers.
Read More