There were significantly more homes that experienced a price cut in August, according to new data released by Trulia. According to a report by the real estate listing site, 17.2 percent of US listings had a price reduction, an increase from 16.7 percent in August 2017. This marks the highest level of price cuts since 2014. The Good News – More Homes Are Getting Price Cuts Trulia’s report revealed that in the first half of 2018 the share of listings with a price cut held steady from 2017; however, the number began to climb in July and August. The report indicates
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For the fourth consecutive month, existing-home sales dipped in July to their slowest pace in more than two years, according to newly released data from the National Association of Realtors® (NAR). Existing-home sales are defined by the NAR as completed residential real estate transactions that include single-family homes, townhomes, condominiums and co-ops. According to July’s data, total existing-home sales decreased 0.7 percent to a seasonally-adjusted annual rate of 5.34 million last month from 5.38 million in June. Factoring in the latest figures, existing-home sales are now 1.5 percent lower than they were a year ago and have fallen on an annual
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Economic strength, wage growth and more opportunities for jobs are expected to help boost the number of home sales and increase home prices in 2018. However, low inventory and weakening affordability is likely to keep these figures from accelerating rapidly. Lawrence Yun, chief economist for the National Association of REALTORS® (NAR) presented his 2018 midyear forecast at the 2018 REALTORS® Legislative Meeting and Trade Expo recently, stating that a moderate, multiyear increase in home sales and home prices is most likely in our future. After jumping 3.8 percent in 2016, existing home sales only gained 1.1 percent to 5.5 million
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