The National Association of Realtors' latest index data on home sales show there were 3.4 months’ worth of homes for sale in November 2017, the lowest on record since 1999.
“Today’s result points to the risk of a decline in actual existing-home sales in December,” wrote Joshua Shapiro, chief U.S. economist for MFR Inc. NAR Chief Economist Lawrence Yun is forecasting that the total existing-home sales in 2017 will be 5.54 million, only 1.7 percent higher than in 2016. MarketWatch reports that Yun expects the new tax law to curb demand for housing next year, potentially lowering prices.
Pending sales were mixed by region in November: The index for the Northeast rose 4.1 percent, and the index in the Midwest ticked up 0.4 percent. In the South, however, sales dipped 0.4 percent for the month, while the index covering the West slid 1.8 percent.
