{"id":13428,"date":"2018-09-20T15:46:42","date_gmt":"2018-09-20T20:46:42","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=13428"},"modified":"2018-09-20T15:52:36","modified_gmt":"2018-09-20T20:52:36","slug":"home-sales-plateau","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/home-sales-plateau\/","title":{"rendered":"Home builders not meeting demand, existing home sales plateau"},"content":{"rendered":"<p>After four consecutive months of declines, existing home sales did not change from the previous month and are down 1.5 percent from a year ago, according to the National Association of Realtors (NAR). <\/p>\n<p>In August, the median existing home price was $264,800, up 4.6 percent from August 2017, marking the 78th month in a row of year-over-year gains.<\/p>\n<p>Dr. Lawrence Yun, NAR chief economist calls the data a plateau. \u201cStrong gains in the Northeast and a moderate uptick in the Midwest helped to balance out any losses in the South and West, halting months of downward momentum,\u201d he said. \u201cWith inventory stabilizing and modestly rising, buyers appear ready to step back into the market.\u201d<\/p>\n<p>NAR has repeatedly beaten the drum to the tune of pointing out home builders failing to meet demand, and this month is no different as Dr. Yun repeats the assertion, adding, \u201cHomes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory \u2013 especially moderately priced, entry-level homes \u2013 would propel sales.\u201d<\/p>\n<p>Meanwhile, the average days on market rose from 27 in July to 29 in August, but for context, the market is still on task as it is still down from 30 days a year ago. Over half (52 percent) of homes sold in August sold in less than a month. <\/p>\n<p>What&#8217;s of particular interest in the current market is how differently the regions are performing: <\/p>\n<ul>\n<li>Home sales rose 7.6 percent in the Northeast, but are 2.7 percent below a year ago. The median price rose 2.6 percent to $292,800.<\/li>\n<li>Home sales rose 2.4 percent in the Midwest, but are 0.8 percent below a year ago. The median price rose 3.4 percent to $208,500.<\/li>\n<li>Home sales fell 0.4 percent in the South, but are up 1.8 percent from a year ago. The median price rose 3.2 percent to $227.900.<\/li>\n<li>Home sales fell 5.9 percent in the West, and are 7.4 percent below a year ago. The median price rose 4.8 percent to $392,900.<\/li>\n<p>&#8220;Rising interests rates along with high home prices and lack of inventory continues to push entry-level and first time home buyers out of the market,\u201d said Dr. Yun. \u201cRealtors\u00ae continue to report that the demand is there \u2013 that current renters want to become homeowners \u2013 but there simply are not enough properties available in their price range.&#8221;<\/p>\n<p>\u201cRealtors\u00ae across the country report that their clients waver about the decision to list their home; they are excited by the prospect of receiving many offers, they are concerned that they will not be able to find a new home to purchase,\u201d said NAR President Elizabeth Mendenhall. &#8220;Unfortunately this fluctuating view is contributing to the short supply of homes.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HOUSING NEWS) Home sales are stagnating for two reasons &#8211; new home construction and a shifting homeowner perspective. But it&#8217;s not for a lack of consumer motivation.<\/p>\n","protected":false},"author":335814,"featured_media":13430,"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],"class_list":["post-13428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","tag-home-sales","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2018\/09\/san-francisco-residential-hillside_925x.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/13428","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\/335814"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=13428"}],"version-history":[{"count":5,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/13428\/revisions"}],"predecessor-version":[{"id":13437,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/13428\/revisions\/13437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/13430"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=13428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=13428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=13428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}