With less inventory, faster price growth may become a challenge for potential homebuyers.
The S&P CoreLogic Case-Shiller National Index shows that U.S. prices of single-family homes continue to rise.
Among all home buyers in the 2017 Profile of Home Buyers and Sellers, 85% purchased a previously owned home, typically a detached single-family home.
Supply conditions varied from weak to strong across states in July–September 2017 compared to conditions one year ago.
Most state and local governments charge an annual tax on the value of real property. Statewide, the real estate tax varies between 0.27% and 2.35%.
Do the social benefits of homeownership from the past still apply?
Eighty-five percent of respondents reported that home prices remained constant or rose in September 2017 compared to levels one year ago.
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.
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