NAR reports shrinking existing home sales in April 2018
The National Association of Realtors, NAR, is reporting this week that existing home sales were down by 2.5 percent in April, compared with March 2018. This marks a change of direction compared with prior months when sales were up.
The reason? Lawrence Yun, the NAR chief economist, explains that this “Spring’s staggeringly low inventory levels” caused existing sales to go down this last April.
“With mortgage rates and home prices continuing to climb, an increase in housing supply is absolutely crucial to keeping affordability conditions from further deterioration,” Yun explained. “The current pace of price appreciation far above incomes is not sustainable in the long run.”
Interestingly, first-time buyers conformed 33 percent of total sales in April 2018, which is the highest since July 2017.
NAR forecasts that existing-home sales for 2018 will top around 5.6 million units, which would be up 1.8% compared with total sales in 2017, up from the estimated sales of 5.5 million previously reported.
For more info about this interesting subject, visit the National Association of Realtors’ article.
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