{"id":14960,"date":"2019-02-22T15:01:13","date_gmt":"2019-02-22T15:01:13","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=14960"},"modified":"2019-02-22T15:01:14","modified_gmt":"2019-02-22T15:01:14","slug":"existing-home-sales","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/existing-home-sales\/","title":{"rendered":"Existing-Home Sales"},"content":{"rendered":"

Existing-Home Sales<\/h1>\n
\"Existing-Home<\/a>

Existing-Home Sales<\/p><\/div>\n

The winter months have proven to be a sluggish time for home sales. January was the third consecutive month in which existing-home sales posted a drop, the National Association of REALTORS\u00ae\u00a0reported Thursday. All regions of the U.S. saw a drop in sales except for the Northeast.<\/p>\n

Total existing-home sales, which are completed transactions on single-family homes, townhomes, condos, and co-ops, dropped 1.2 percent in January compared to December. Sales are down 8.5 percent from a year ago, and now are at the lowest level since November 2015.<\/p>\n

However, NAR Chief Economist Lawrence Yun expects a reversal in home sales soon. \u201cExisting-home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low,\u201d Yun says. \u201cModerating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.\u201d<\/p>\n

Here\u2019s an overview of NAR\u2019s latest housing report, based on January sales:<\/p>\n

Home prices: <\/strong>The median existing-home price for all housing types in January was $247,500, up 2.8 percent from a year ago. The median home price growth is at the slowest pace since February 2012, Yun says. \u201cLower mortgage rates from December 2018 had little impact on January sales; however, the lower rates will inevitably lead to more home sales,\u201d he notes.<\/p>\n

Days on the market:<\/strong> Thirty-eight percent of homes sold in January were on the market for less than a month. On average, properties remained on the market for 49 days in January, up from 42 days a year ago.<\/p>\n

Housing inventories: <\/strong>At the end of January, the total housing inventory rose to 1.59 million, up from 1.52 million a year ago. Unsold inventory is at a 3.9-month supply at the current sales pace.<\/p>\n

While the uptick in the inventory is a welcome sign, Yun says the market continues to suffer from an inventory shortage. \u201cIn particular, the lower end of the market is experiencing a greater shortage, and more home construction is needed,\u201d Yun says. \u201cTaking steps to lower construction costs would be a tremendous help. Local zoning ordinances should also be reformed, while the housing permitting process must be expedited; these simple acts would immediately increase homeownership opportunities and boost local economies.\u201d It\u2019s a sentiment that has been shared by economists and leaders at the 2019 International Builder Show<\/a> in Las Vegas this week.<\/p>\n

Overall, \u201cdecelerated sales and the increases in inventory will work in favor of potential home buyers, putting them in a better negotiating position heading into the spring months,\u201d says NAR President John Smaby. \u201cOn top of that, low interest rates will bring an additional $80 per month savings compared to the rates of just a few months ago.\u201d<\/p>\n

The average 30-year fixed-rate mortgage fell to 4.46 percent in January, down from 4.64 percent in December, Freddie Mac reports. The average commitment rate for all of 2018 was 4.54 percent.<\/p>\n

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Source:<\/div>\n
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National Association of REALTORS\u00ae<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Existing-Home Sales The winter months have proven to be a sluggish time for home sales. January was the third consecutive month in which existing-home sales posted a drop, the National Association of REALTORS\u00ae\u00a0reported Thursday. All regions of the U.S. saw a drop in sales except for the Northeast. Total existing-home sales, which are completed transactions … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-14960","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nExisting-Home Sales - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/existing-home-sales\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/existing-home-sales\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/existing-home-sales\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Existing-Home Sales\",\"datePublished\":\"2019-02-22T15:01:13+00:00\",\"dateModified\":\"2019-02-22T15:01:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/existing-home-sales\\\/\"},\"wordCount\":488,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/existing-home-sales\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2019\\\/02\\\/02222018.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/existing-home-sales\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/existing-home-sales\\\/\",\"name\":\"Existing-Home Sales - 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