Housing Minute is a monthly video series highlighting the latest housing data from the National Association of Realtors® in a minute or less.
Existing-home sales and contract signings fell in May, as low inventories and higher home prices and mortgage rates weighed on overall activity.
The continued shortage of new listings for sale pushed home prices higher in most of the country and led to declines in existing-home sales and contract signings in April.
Existing-home sales and contract signings both saw modest gains in March, even as low supply and higher mortgage rates continued to affect overall affordability.
Existing-home sales and contract signings both experienced meaningful increases in February despite higher mortgage rates, rising home prices and subpar supply levels in much of the country.
Despite stronger buyer interest in most of the country, extremely tight inventory conditions and weakening affordability caused both existing-home sales and pending sales to decline in January.
Existing-home sales closed 2017 on a softer note, but the prospects for sales gains in the months ahead look brighter, as contract activity edged higher in December for the third straight month.
Fueled by strong job growth and the strengthening economy, existing-home sales and contract signings both increased in November.
Existing-home sales and contract signings saw strong gains in October, but both remained below year ago levels because of the persistent supply and affordability hurdles in much of the country.
Existing-home sales slightly rose in September and contract activity was flat, despite continued weakness in overall housing supply and the temporary impact Hurricane’s Harvey and Irma had on sales in parts of Texas and Florida.
Ongoing supply and affordability challenges and Hurricane Harvey’s impact on sales activity in the Houston area led to a decline in existing-home sales and contract signings in August.