January Existing Home Sales: An Ominous Start to 2018

23 February, 2018, 05:03 | Author: Barbara Daniel
  • Diane Warren poses for a portrait at the 90th Academy Awards nominees luncheon in Beverly Hills Calif. Warren along with rapper Common is nominated for best original song for the film ‚ÄúMarshall.‚Äù (Pho

The Ohio Association of Realtors said Wednesday that sales of new and previously owned homes declined from December and were down 3.3 percent from January of 2017.

USA sales of existing homes slumped in January, falling for the second straight month and posting the largest decline in three years amid a shortage of affordable options, according to industry figures released Wednesday. January sales were down 4.8 percent compared with a year earlier, the steepest such decline in more than three years. The Ohio Association of Realtors say sales fell by 4.5 percent in January from December to a seasonally adjusted annual rate of 146 thousand. That's 3.4 months of supply at the current pace, down from 3.6 months a year earlier.

Yun said January saw a jump in new home construction, and growing homebuilder confidence.

Buyer demand is stronger than this time past year in many locales, Yun said. Existing homes averaged 42 days on market in January, eight days less than one year prior. Less than six months is considered a "seller's market".

"Those planning to buy a home this spring should look into getting pre-approved for a mortgage now and start having those serious conversations with their real estate agent on what they're looking for in a home and where they want to buy", says Mendenhall.

Realtor.com's Market Hotness Index, measuring time-on-the-market data and listings views per property, revealed that the hottest metro areas in January were San Francisco-Oakland-Hayward, Calif.; San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; Midland, Texas; and Colorado Springs, Colo.

First-time buyers made up just 29% of all buyers, down from 32% in December and 33% in January 2017.

Distressed sales - foreclosures and short sales - were 5 percent of sales in January, unchanged from December and 7 percent below a year ago. It was the 71st straight month of gains. This was the largest annual decline since August 2014. The median price for an existing single-family home was $241,700, while the median price for an existing condo was $231,600. The average sale price for a house was $149,500, up 6.2 percent. The inventory of available properties fell 9.5 percent to 1.52 million, lowest for January since records began in 1999. Sales are 4.8 percent less than the previous year's following last month's drop. Regionally, the month-over-month price increase was strongest in the Midwest (up 4.1 percent) and slowest in the West (up 0.8 percent).



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