March Existing Home Sales Key Takeaways: Inventory Green Shoots

March Existing Home Sales Key Takeaways: Inventory Green Shoots

March Existing Home Sales Key Takeaways: Inventory Green Shoots

This was the second consecutive monthly increase as activity expanded in the Northeast and Midwest. This earnings speed is higher than the 20 on total, however March earnings have been down marginally on the last 12 months.

A combination of drastically low inventory and climbing home prices is making the leap to homeownership a challenge for many buyers, said Lawrence Yun, NAR's chief economist.

The median existing-home price for all house types (single-family, condo, co-op and townhome) was $250,400, a 5.8 percent increase from the prior year. March's price increase marks the 73rd straight month of year-over-year gains.

Parliament Square's first female statue to be unveiled
London Mayor Sadiq Khan said the whole process for the statue, from petition to project, was made up of exclusively women. It is also the first statue on Parliament Square designed by a woman - British artist Gillian Wearing.

Properties typically stayed on the market for 30 days in March, down from 37 days in February and 34 days a year ago.

Twenty percent of existing-home sales in March were all-cash, with 15 percent by individual investors. Even as the overall market has improved, there's been a 7.2 per cent decline in listing in the year ago into just 1.67 million homes. All told, 50 percent of homes sold were on the market for less than one month. That is the highest average since January 2014, something that could dissuade people from listing their homes for sale because it would also mean that they would have to pay a higher mortgage rate for any replacement homes they bought. 'The survey confirms that the lack of entry level supply is putting affordability pressures on too many buyers, especially those at the lower end of the market, where demand is the strongest, ' he said.

Meanwhile, despite the robust sales activity, the stock of homes for sale was unchanged from February at 301,000 units as new homeowners snatched up houses as fast as builders could add them to the market. "As a result, competition is swift and homes are going under contract in roughly a month, which is four days faster than a year ago and a remarkable 17 days faster than March 2016".

Spotify revamps free tier
Spotify's free tier now offers access to shuffled playlists, but on-demand playback is kept behind the Premium paid tier. Also on Tuesday, Spotify said it now has 71 million monthly paid customers and 90 million free users.

But the new sales pace put supplies at only 5.2 months, down 3.7 per cent from March and the lowest since November. In these areas, households at the median income level can afford only 19% to 23% of homes on the market. The annual share of first-time buyers in 2017 was 34 percent, according to NAR's Profile of Home Buyers and Sellers. The median price in the Northeast was $270,600, which is 3.3 percent above March 2017.

Existing-home sales in the South decreased 0.4 percent to an annual rate of 2.40 million in March, but are 0.4 percent above a year ago. But they were down 3.1% in the West and 0.4% in the South.

Amazon Com INC (AMZN) Shareholder Kamunting Street Capital Management LP Decreased Stake
Moreover, Klingenstein Fields & Co Limited Liability Co has 1.3% invested in Facebook, Inc. (NYSEAMERICAN:LNG) for 9,367 shares. It improved, as 43 investors sold ALL shares while 308 reduced holdings. 62 funds opened positions while 147 raised stakes.

Related news