ExistingHome Sales Skyrocket Toward 11Year High

Dated: 01/01/2018

Views: 32

According to a recent report by the National Association of REALTORS® (NAR) existing-home sales in November skyrocketed to a spree not seen in more than 10 years.

EExisting home sales Nov 2017xisting-home sales totaled 5.81 million, a 5.6 percent increase from October and a 3.8 percent increase from one year prior. Inventory decreased 7.2 percent to 1.67 million, 9.7 percent below one year prior.

The increased demand is being boosted by faster economic growth in recent quarters, the booming stock market and continuous job gains. Buyers showed no signs of uncertainty with the new tax plan; however, expectations of climbing interest rates motivated buyers to purchase earlier than they might have.

Interest rates are expected to rise next year which could cause low existing-home inventory levels to persist. Buyers prospects for becoming homeowners will only improve if more lower-priced and smaller-sized homes come onto the market and the increase in home builder optimism must translate to significantly more new construction in 2018 to help ease these acute inventory shortages.

Want to Advertise on this Site?

Latest Blog Posts

Its Official Lennar CalAtlantic Merge

It’s Official: Lennar, CalAtlantic Merge DAILY REAL ESTATE NEWS | WEDNESDAY, FEBRUARY 14, 2018 Homebuilding giant Lennar Corp. announced it has completed a merger with former rival CalAtlantic

Read More

5 Razones Para Querer Utilizar Un Profesional En Bienes Races Infografa

5 Razones para querer utilizar un profesional en bienes raíces [infograf]

Read More

Airbnb Income Counts Toward Refinancing

Airbnb Income Counts Toward Refinancing DAILY REAL ESTATE NEWS | MONDAY, FEBRUARY 12, 2018 With the backing of Fannie Mae, home-sharing giant Airbnb has announced a new partnership with select

Read More

Immigration Concerns Rattle Some Real Estate Moves

Immigration Concerns Rattle Some Real Estate Moves DAILY REAL ESTATE NEWS | THURSDAY, FEBRUARY 08, 2018 Heightened concerns over the nation’s immigration policies and proposals caused some U.S.

Read More