Housing market stalls - NAR

Housing market stalls - NAR”

In a report, the National Association of Realtors (NAR) said its decreased by a seasonally adjusted last month, compared to expectations for a decline of 0.5%.

The Realtors group projects 5.44 million homes will be sold this year, down from last month's estimate of 5.49 million and lower than the 5.45 million sold in 2016. That was the lowest reading since January 2016 and put the index 2.6% lower than its level a year ago.

Pending sales, which are based on contract signings, fell on an annual basis for the fourth time in five months.

NAR said its pending home sales index plunged by 2.6 percent to 106.3 in August from 109.1 in July.

A softening of the hot California real estate market is on the cards following a second straight month of stalled activity.

This expert blamed the decline on limited listings and home prices rising far above incomes.

Contracts to buy previously owned homes fell more than expected in August to their lowest level in about 1-1/2 years as the housing market continues to be sapped by a shortage of inventory that is also pushing up home prices. "The good news is that almost all of the missed closings for the remainder of the year will likely show up in 2018, with existing sales forecast to rise 6.9%".

The report showed notable decreases in pending home sales in the Northeast and South, where pending home sales slumped by 4.4 percent and 3.5 percent, respectively.

The largest drop in pending sales was in the San Francisco Bay Area (11.6% year-over-year) while Southern California saw a 3.8% drop with only Orange and San Bernardino counties showing a year-over-year rise.

Pantheon Macroeconomics said: "The mortgage applications numbers pointed to a clear increase in pending home sales, so the drop presumably is due to the impact of Hurricane Harvey".

Like this



27 September 2017
Dallas Cowboys did the right thing by kneeling before anthem
The booing at the NFL football game last night, when the entire Dallas team dropped to its knees, was loudest I have ever heard. Trump suggested a new rule for the National Football League in a Twitter message to his 39.3 million followers on Tuesday.

27 September 2017
LG K7i With Mosquito Away Technology Launched In India At ₹7990
Amit Gujral, Chief Marketing Officer, LG Electronics India, said "LG has always been at the forefront of unique innovations". The main feature of the phone is it's Mosquito away technology which uses ultrasonic waves to drive away mosquitoes.

27 September 2017
We've right to shoot down USA bombers outside our airspace: N.Korea
He referred in particular to Trump's tweet on Sunday that warned that the regime's leaders "won't be around much longer". It was the latest escalation in a week of undiplomatic exchanges between North Korea and the USA during the U.N.

27 September 2017
Woman dragged off Southwest Airlines flight
She can be heard yelling, "don't touch me", and at one point also accused the officers of ripping her trousers . The officers who were dragging the woman repeatedly ordered her to walk as they were still holding on to her.

27 September 2017
Dastun India launches redi-Go Gold
Three, four and five-year options are available wherein customers can save approximately 10% on periodic and general repairs. Datsun CARE is an industry-leading all-inclusive vehicle service package that offers peace of mind to customers.

27 September 2017
Twitter explains why Trump NKorea tweet wasn't removed
Twitter is committed to transparency and keeping people informed about what's happening in the world. Trump tweeted last weekend: "Just heard Foreign Minister of North Korea speak at UN".

27 September 2017
IPhone 8 rear glass assessed in SquareTrade breakability test
In our recent Decade of Damage Study, we found that 44 percent of current iPhone owners plan to upgrade to a new model this fall. The chart above shows Apple's scores relative to Samsung's Note 8, but there are some distinctions between the two.

27 September 2017
Rabada not taking Bangladesh lightly
It's normally good to bat on, the outfield was extremely quick but right now I'm not too sure, we'll have to see. They will start their new home season with new coach Ottis Gibson with an eye on 2019 World Cup.

27 September 2017
PSA Group and Changan announce development of new pick-up
PSA does not yet have a one-ton pickup in the European market, which is led by Ford, Toyota, Nissan, Mitsubishi and Volkswagen. It is now unknown as to what the new one-ton pickup will be badged as.

27 September 2017
Germany's finance minister set to take on role of parliamentary speaker
Those parties are likely to insist on securing key ministries, possibly including the Finance Ministry. The speaker is usually elected with cross-party support.