NAR Archives

A Majority Of Renters Say They Want To Buy

The vast majority of renters say eventually owning a home is one of their top priorities, according to the results of a recent survey from the National Association of Realtors. In fact, 61 percent of renters say they want to buy, up 11 points since 2013. Chris Polychron, NARâ€™s president, says the surveyâ€™s results show Americans are ready for homeownership. â€œHomeownership is part of the American Dream, and this survey proves that dream is alive and thriving in our communities,â€ Polychron said. The survey â€“ which measures consumer attitudes toward housing issues â€“ found Americans in a particularly optimistic mood. For example, more than eight in ten Americans said they felt buying a house was a good financial decision and, among current homeowners, most believe they could sell their house for at least what they paid for it. Survey respondents also overwhelmingly believe now is a good time to buy a house and nearly 90 percent expect real estate sales to continue to improve. In short, Americans are feeling good about the real estate market and a growing number are thinking about buying a house someday in the near future. MoreÂ here.

Pending Home Sales Slip But Remain Strong

The National Association of Realtorsâ€™ Pending Home Sales Index measures the number of contracts signed to buy homes each month. Because it measures contract signings â€“ and not closings â€“ it is a good indicator of future home sales. In August, the index fell 1.4 percent. Despite the dip, however, it remains 6.1 percent above last yearâ€™s level and has now risen over year-before levels for 12 consecutive months. Lawrence Yun, NARâ€™s chief economist said, even with the slight decline, demand is outpacing housing supply, which will continue to put upward pressure on home prices. â€œPending sales have leveled off since mid-summer, with buyers being bounded by rising prices and few available and affordable properties within their budget,â€ Yun said. â€œEven with existing-housing supply barely budging all summer and no relief coming from new construction, contract activity is still higher than earlier this year and a year ago.â€ In other words, despite a slightly more challenging environment for buyers, demand is still healthy. In fact, a closer look at the numbers reveals that pending home sales were actually up in the West and unchanged from last month in the Midwest. Which means, Augustâ€™s declines were confined to the South and Northeast. MoreÂ here.

Sales Slow As Summer Season Winds Down

New estimates from the National Association of Realtors show a dip in the number of previously owned homes sold in August compared to the month before. Total existing-home sales â€“ including single-family homes, townhomes, condominiums, and co-ops â€“ fell 4.8 percent from July, though they remain 6.2 percent above last yearâ€™s pace. â€œSales activity was down in many parts of the country last month â€“ especially the South and West â€“ as the persistent summer theme of tight inventory levels likely deterred some buyers,â€ Lawrence Yun, NARâ€™s chief economist, said. â€œThe good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.â€ In fact, the median existing-home price for all housing types in August was $228,700, 4.7 percent above last year. Also in the report, the number of homes available for sale rose in August. Total housing inventory was up 1.3 percent at the end of the month. Rising inventory offers potential home buyers more choices, in addition to helping moderate the rate at which prices increase. MoreÂ here.