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NEWS BRIEF
Existing Home Sales Pull Back in February Existing homes sold at an annualized pace of 5.48 million in February, down 3.7 percent from the nearly 10-year high of 5.69 million in January but still 5.4 percent above a year ago, according to the National Association of Realtors (NAR). NAR chief economist Lawrence Yun attributed the drop to low inventory of homes available for sale – particularly in the lower price ranges affordable to a larger pool of buyers. “Realtors are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” he said in a statement . “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.” Homeowners who sold in February had owned an average of 7.98 years, the same as in the previous two months (December and January) and down from an all-time high of 8.03 years in November 2016, according to ATTOM Data Solutions. The NAR report also shows an uptick in the share of investor buyers, specifically those buying with all-cash, and a corresponding decline in the share of first-time homebuyers. The share of all-cash purchases of existing homes in February (27 percent) was the highest level since November 2015, while the share of investors using cash to purchase was 71 percent – the highest since April 2015, according to the report. Meanwhile, first-time homebuyers accounted for 32 percent of all existing home sales in February, down from 33 percent in January but still up from 30 percent a year ago. The share of existing homes purchased by non-owner occupants (investors) reached a 21-year high of 31 percent, according to the Landlord Land report published by ATTOM Data Solutions and Clear Capital. That report links a short- term surge in the share of Federal Housing Administration (FHA) buyers in 2015 to a FHA insurance premium cut at the beginning of that year, but shows the share of FHA buyers dropping back lower in 2016.
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AR DANIEL NELSON RE LIC PB00069547. WILLIAMS & WILLIAMS RE LIC 00069547. GA CYNTHIA L. DEES RE LIC 354797. WILLIAMS & WILLIAMS RE LIC H-16048. NC DEAN C. WILLIAMS RE LIC 220266. WILLIAMS & WILLIAMS RE LIC C6474. MS DANIEL NELSON RE LIC B-19691. 800.801.8003 • williams auction .com/HUD
ATTOM Data Solutions • P22
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