Weak sales following the expiration of the federal homebuyer tax credits, an excess supply of unsold homes, and the impact of sales of distressed homes is driving home prices down. A national, repeat-sales home-price index compiled by the company was down 5.1 percent in November from a year ago.
If that trend continues, national home prices will probably be down 10 percent year-over-year by spring.
There's been consolidation among MLSs since then and a decline in the number of for-sale-by-owner sales outside the MLS and brokerage process. That means NAR is now capturing a greater percentage of existing-home sales and doesn't need to make so large an adjustment when extrapolating its results.
The benchmarking of existing-home sales will result in "no notable changes" to NAR's previous characterizations of monthly sales changes, and no impact on price data records data captures all sales, whether they involve a mortgage or are all-cash purchases, and regardless of whether a home was listed in an MLS or not.
No comments:
Post a Comment