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NAR: Pending home sales up 10.3% from last year

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 · The homes for sale unadjusted inventory declined this month compared to last month, and remains historically low for Novembers,but is up 4.2 % from inventory levels one year ago). NAR.

Three of the four regions showed declines from a year ago. The Northeast had the only gain in sales of 7.6 percent. The West experienced the biggest dip of 10.1 percent followed by the South with a decline of 3.1 percent. The Midwest had the smallest dip in sales of 0.3 percent. From last month, all four regions showed inclines in contract signings. The South region had the biggest gain of 8.9 percent..

Existing-home sales in the South dropped 5.4% to an annual rate of 2.09 million in December, down 8.7% from last year. The median price in the South was $224,300, up 2.5% from a year ago.

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This week, the NAR released data showing that pending home sales fell 2.2% in December, the lowest point since 2014. The reasons for the housing slowdown are myriad, but affordability concerns – especially among millennials – are playing a prominent role, with mortgage rates shooting up in 2018 amid a long-running ascent in home prices.

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NAR projects only about 1% increase in existing home sales this year to 5.4. at 4.99 million units in 2018, down by 10.3% from a year earlier, according to the.

According to the NAR, the PHSI in the Northeast surged 10.3% to 96.0 in February but is still 5.1% below a year ago. In the Midwest the index inched forward 0.7% to 98.9 in February but is 9.5% lower than February 2017. Pending home sales in the South rose 3.0% to an index of 125.7 in February but are 1.5% lower than last February.

The Norfolk housing market is somewhat competitive. Homes in Norfolk receive 1 offers on average and sell in around 52 days. The average sale price of a home in Norfolk was $215K last month, up 10.3% since last year. The average sale price per square foot in Norfolk is $129, up 5.7% since last year.

US existing-home sales cratered to 4.99 million in December, 10.3% below the mark from the year-ago period. That followed year-over-year declines of 7.8% in November and 5.1% in October, according.

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According to the NAR report, existing home sales fell in December by 3.6% to a. Three years of contracting inventory was bound to catch up with. existing homes available for sale, and is now 10.3% below one year ago.

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