The National Association of Realtors' latest index data on home sales show there were 3.4 months’ worth of homes for sale in November 2017, the lowest on record since 1999.
“Today’s result points to the risk of a decline in actual existing-home sales in December,” wrote Joshua Shapiro, chief U.S. economist for MFR Inc. NAR Chief Economist Lawrence Yun is forecasting that the total existing-home sales in 2017 will be 5.54 million, only 1.7 percent higher than in 2016. MarketWatch reports that Yun expects the new tax law to curb demand for housing next year, potentially lowering prices.
Pending sales were mixed by region in November: The index for the Northeast rose 4.1 percent, and the index in the Midwest ticked up 0.4 percent. In the South, however, sales dipped 0.4 percent for the month, while the index covering the West slid 1.8 percent.
Advertisement
Related Stories
Sustainability
Mention of Eco-Friendly Home Features Is on the Rise in Sales Listings
Home listing descriptions using eco-friendly terms have been rising over the past five years in line with growing consumer interest in the environment and energy efficiency
Design
What Gen-Z Buyers Really Want in a Home
The fervor of planning for Millennials in the home building industry has now pivoted to Gen Z. So, what does this new generation want?
Building Materials
Lumber Leads Building Materials Prices Higher in March
Overall, the cost of building materials rose during March, with softwood lumber, gypsum products, and concrete all seeing price increases. Only steel mill materials saw price drops
