Skip to main content

Existing-Home Sales Drop 3.7 Percent

Phil Hall
Mar 22, 2017
January marked the fifth straight month of declining sales for new single-homes, according to data from Redfin

Existing-home sales fell by 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January, according to new data from the National Association of Realtors (NAR). On a year-over-year measurement, however, sales were up by 5.4 percent.
 
The median existing-home price for all housing types in February was $228,400, up 7.7 percent from the $212,100 level one year earlier. February’s price increase was the greatest year-over-year gain since the 8.1 percent last January, and it marks the 60th consecutive month of year-over-year gains.
 
Total housing inventory at the end of February increased 4.2 percent to 1.75 million existing homes available for sale, but was 6.4 percent lower than a year ago (1.87 million). February marked the 21st consecutive month that inventory is down on a year-over-year basis. First-time buyers were responsible for 32 percent of sales in February, down from 33 percent in January but up from 30 percent a year ago.
 
“The affordability constraints holding back renters from buying is a signal to many investors that rental demand will remain solid for the foreseeable future,” said NAR Chief Economist Lawrence Yun. “Investors are still making up an above average share of the market right now despite steadily rising home prices and few distressed properties on the market, and their financial wherewithal to pay in cash gives them a leg-up on the competition against first-time buyers.”  
Existing-home sales fell by 3.7 percent to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January
 
Published
Mar 22, 2017
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021
SRE Mortgage Alliance 'Restructuring & Reorganizing'

7 p.m. UPDATE: Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021