Housing Minute is a monthly video series highlighting the latest housing data from the National Association of Realtors® in a minute or less.
In spite of rising interest rates and high home prices, moderate increases in inventory and consistent job gains led to a rise in pending home sales in September.
Despite an increase in active listings, continued price increases and low housing inventory pushed out potential buyers causing declines in both existing-home sales and pending-home sales in August.
Amidst stubbornly low housing supply that continues to push home prices higher, existing-home sales and contract activity once again trailed year-ago levels in July.
Amidst higher home prices and mortgage rates and not enough inventory, existing-home sales and contract activity continued to lag year-ago levels in June.
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.