2017 in Review: Housing Market Superlatives

The calendar may have turned to 2018 yesterday, but with one month of 2017 data remaining, here’s a look at some of the top housing highlights from last year: Strongest existing-home sales pace November: 5.81 million Slowest existing-home sales pace  August: 5:35 million Most likely to be happy Home sellers: sales prices consistently rose around […]

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What Happens to the Real Estate Market When Supply Falls for 25 Straight Months?

Home price growth was strong in October, up 7.6 percent compared to a year ago to a national median sale price of $288,000 across the markets Redfin serves. Sales were essentially unchanged from October of last year, down 0.1 percent. Home sales have declined year over year for the past four months. “Despite strong buyer […]

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Home Sales Fell 8.1 Percent in September, Third Month in a Row of Declining Sales

Home sales fell 8.1 percent compared to last year, the largest decline posted since July 2016, and the third month in a row with declining sales.

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Home Prices Surge on Strong Buying Season

Home prices continue on at a clip, surging 6.2 percent in the second quarter of 2017, according to the latest quarterly report by the National Association of REALTORS® (NAR). The pace outdoes the previous peak observed in the third quarter of 2016. “The 2.2 million net new jobs created over the past year generated significant […]

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Home Prices and Buyer Competition Hit New Highs in June as Inventory Drought Dragged into 21st Consecutive Month

The median home sale price increased 7.3 percent from a year ago to $298,000 in June. This is the highest national median sale price recorded since we began keeping track in 2010. Despite record-high buyer demand during the busy spring market, sales only increased 1.9 percent compared to last year, constrained by a low supply […]

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Low Inventory Is Pushing Prices Up and Days on Market Down

Existing-homes rebounded nicely in May as more buyers navigated the headwinds of weaker affordability and limited listings in the affordable price range. It’s very evident that supply this spring severely lags demand in many parts of the country. It’s a big reason why home prices continue to outpace incomes and reached a new peak high […]

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May Housing Market Set New Records for Low Supply, Speed and Competition

The median home sale price increased 6.8 percent in May to $288,000. Sales increased 7.5 percent compared to last year, a strong gain despite a severe shortage in the number of homes for sale. Market Summary May 2017 Month-Over-Month Year-Over-Year Median sale price $288,000 2.9% 6.8% Homes sold 287,000 19.5% 7.5% New listings 360,800 9.6% […]

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NAR Midyear Forecast: Existing Sales Up 3.5 Percent

One of the most well-attended forums at the annual REALTORS® Legislative Meetings & Trade Expo is the Thursday morning housing and economic forecast headlined by NAR Chief Economist Lawrence Yun. This morning’s all-star trifecta of speakers did not disappoint. Yun was joined onstage with Jonathan Spader, senior research associate at the Joint Center for Housing Studies at […]

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Home Prices Charge Upward, Stoked by Strong Sales Pace

Home prices continue to escalate, charging upward 6.9 percent in the first quarter of 2017, according to the latest quarterly report by the National Association of REALTORS® (NAR). The increase, stoked by the strongest quarterly sales pace in a decade, marks three straight quarters of growth. “Prospective buyers poured into the market to start the […]

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Low Supply Undercuts Pending Home Sales in March

Pending home sales were undercut by low supply in March, ticking down 0.8 percent in the National Association of REALTORS® (NAR) recently released Pending Home Sales Index (PHSI). The PHSI posted 111.4 in March, down from 112.3 in February. “Home shoppers are coming out in droves this spring and competing with each other for the […]

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Existing-Home Sales March On at Highest Pace in 10-Plus Years

Existing-home sales leaped to their highest pace in 10-plus years in March, reaching a robust level of activity not seen since February 2007, according to the National Association of REALTORS® (NAR). Existing-home sales totaled 5.71 million last month, a 4.4 percent increase from February and 5.9 percent increase from one year prior. Inventory increased, as […]

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Home Sales Spiked in March…and Sold Fast

An abnormally warm winter, strong consumer confidence and robust underlying demand ended up being the perfect formula to push existing-home sales in March to their highest pace in over 10 years. More notably, despite the fact that supply is extremely tight and buying a home has gotten more expensive, home sales are up convincingly from a […]

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Will Single Buyers Capture a Greater Share of 2017 Home Sales?

According to data from the National Association of REALTORS®, the share of single buyers was on the decline from 2011 to 2015, as there was more competition in the market from investment and vacation homebuyers. The share of single buyers rebounded in 2016, however, possibly signaling new developments for the future—but first, let us look […]

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