Monday
November 20, 2017

September/October 2017 Market Pulse

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September/October 2017 Market Pulse

A glimpse at the current state of the housing market.
house key hung up on key shelf

Solid job growth and continuing low interest rates are helping to keep home sales strong. But low inventories, which put upward pressure on prices, remain a constraint. Home sales are on a 5.52 million sales pace, down a few percentage points from last summer. On the plus side, first-time buyers are continuing to make modest gains after years of staying on the sidelines. 

More Timely Closings

Contracts are more likely to settle—and settle on time—than they were at the end of last year. A quarter of contracts were delayed in May, the most recent month analyzed, down from a third in October 2016. And only 2 percent of contracts failed to close, down from 6 percent. Other data from NAR suggest fewer financing contingencies could be a reason for the improvement.   

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