{"id":12219,"date":"2017-08-24T11:34:27","date_gmt":"2017-08-24T16:34:27","guid":{"rendered":"https:\/\/therealdaily.com\/?p=12219"},"modified":"2017-08-24T11:52:40","modified_gmt":"2017-08-24T16:52:40","slug":"home-prices-still-rising","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/home-prices-still-rising\/","title":{"rendered":"Home prices still rising, inventory still tightening, causing dip in sales"},"content":{"rendered":"

On the up<\/h2>\n

Although existing home sales jumped in the South and West, national numbers were weighed down (falling 1.3 percent) by the losses in the Northeast and Midwest in July, according to the National Association of Realtors (NAR).<\/p>\n

Read also: Car sales are absolutely dismal right now- are home sales next!?<\/a><\/strong><\/div>\n

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\nHome prices continue to rise, and bidding wars are breaking out in parts of America with listings in July typically going under contract in under 30 days.<\/p>\n

Rocky start<\/h2>\n

NAR’s Chief Economist, Dr. Lawrence Yun says the second half of the year got off on a somewhat sour note as existing sales in July inched backward.<\/p>\n

\u201cBuyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should\u2019ve been a higher sales pace,\u201d he said.<\/p>\n

\u201cContract activity has mostly trended downward since February and ultimately put a large dent on closings last month,\u201d Dr. Yun concluded.<\/p>\n

Not a lot to give<\/h2>\n

Inventory levels remained tight, falling another 1.0 percent in July and is now 9.0 percent lower than this time last year. This marks the 26th consecutive month of declining inventory.<\/p>\n

Meanwhile, home prices are up for the 65th consecutive month, rising 6.2 percent in the last year to $258,300.<\/p><\/blockquote>\n

\u201cHome prices are still rising above incomes and way too fast in many markets,\u201d said Yun.<\/p>\n

He added that \u201cRealtors\u00ae continue to say prospective buyers are frustrated by how quickly prices are rising for the minimal selection of homes that fit buyers\u2019 budget and wish list.\u201d<\/p>\n

All over the place<\/h2>\n

July existing-home sales in the Northeast dropped 14.5 percent to an annual rate of 650,000, and are now 1.5 percent below a year ago. The median price in the Northeast was $290,000, which is 4.1 percent above July 2016.<\/p>\n

In the Midwest, existing-home sales fell 5.3 percent to an annual rate of 1.25 million in July, and are now 1.6 percent below a year ago. The median price in the Midwest was $205,400, up 5.9 percent from a year ago.<\/p>\n

Existing-home sales in the South rose 2.2 percent to an annual rate of 2.28 million in July, and are now 3.6 percent higher than a year ago. The median price in the South was $227,700, up 6.7 percent from a year ago.<\/p>\n

Existing-home sales in the West jumped 5.0 percent to an annual rate of 1.26 million in July, and are 5.0 percent above a year ago. The median price in the West was $373,000, up 7.6 percent from July 2016.<\/p>\n

#HomeSales<\/h3>\n","protected":false},"excerpt":{"rendered":"

(BIG DATA) Home prices are continuing on their rising trajectory, while the amount of homes available continues to decline.<\/p>\n","protected":false},"author":335938,"featured_media":12093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[91],"tags":[501,1234,1665],"class_list":["post-12219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","tag-home-sales","tag-real-estate-news","tag-rising"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2017\/08\/housing.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/12219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/335938"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=12219"}],"version-history":[{"count":5,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/12219\/revisions"}],"predecessor-version":[{"id":12224,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/12219\/revisions\/12224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/12093"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=12219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=12219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=12219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}