Existing-home sales dropped 1.7% in August from one month prior, while new home sales declined 3.5%.
Housing affordability declined from a year ago in August moving the index down 8.4% from 163.7 to 149.9.
Amid improving macroeconomic conditions, residential lending continued to increase in 2016, based on the recently released 2016 Home Mortgage Disclosure Act (HMDA) data.
After a four-month spike following the elections, mortgage rates have begun to fall.
The survey shows a continuing redistribution of income and wealth to the top 1%, amid falling homeownership, modest gains in income at the lower income group, and large gains in financial returns from an 8-year stock market bull run.
Contract contingencies give the buyer and seller the right to back out of the contract if these conditions (contingencies) are not met.
At the end of August 2017, the inventory of homes for sale stood at 1.88 million homes, which is equivalent to 4.2 months of the current monthly sales pace.
Value of owners’ household real estate was increased by 1.3 trillion in the last year, and 110 billion came from home price increases in July.
Survey respondents reported that buyer traffic conditions in August 2017 were stable to very strong compared to conditions one year ago in all states except Delaware.
Amid strong demand and tight supply, REALTORS® reported that properties that sold in June–August 2017 were typically on the market for less than 31 days in 29 states and in the District of Columbia.
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