Sales of previously owned U.S. homes declined to a one-year low in August as affordability continued to hamper demand and Hurricane Harvey caused a slump in Houston-area purchases, a National Association of Realtors report showed Wednesday.
Highlights of Existing-Home Sales (August) |
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Key Takeaways
While decreased purchase activity in Houston helped push down the sales count nationwide, and may continue to do so in coming months, residential real estate is struggling to improve because of declining affordability, NAR said in the report.
Housing data may be volatile for several months in the wake of Harvey and Irma. As a result, U.S. sales in 2017 will probably be weaker than they were last year, according to the group, which plans to issue a revised forecast next week. A pause in both sales and construction in Texas and Florida as clean-up efforts continue will probably give way to improving demand later this year and into next, according to economists.
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