As the year comes to a close, industry experts are reflecting on the forces that have impacted the 2016 housing market…
…including a lack of inventory, rising mortgage rates, a surge in home prices, and disinterested millennials. This week, new reports from CoreLogic and the National Association of Realtors (NAR) will reveal recent market changes and what these trends indicate for 2017.
As the prices of homes increased, home sales simultaneously ascended according to the previous Pending Home Sales Index from the National Association of Realtors (NAR). The market saw a 1.8 percent year-to-year increase in home sales from 2015 and a 0.1 percent growth in pending sales.
NAR published the Pending Home Sales Index covering November on Wednesday, December 28.
Lawrence Yun, Chief Economist for NAR, states that there was competition among homebuyers due to the lack of inventory available on the market and home price affordability for the month of October.
“Low supply has kept prices elevated all year and has put pressure on the budgets of buyers,” says Yun. “With mortgage rates expected to rise into next year and put added strain on affordability, sales expansion will be contingent on more inventory coming onto the market and continued job gains.”
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