US existing home sales from the National Association of Realtors declined 2.4% month-over-month in March to a seasonally adjusted annual rate of 4.44 million (consensus 4.50 million) versus a downwardly revised 4.55 million (from 4.58 million) in February. Sales were down 22.0% from the same period a year ago. Inventory of existing homes for sale remains extremely tight, due partially to the strength of the labor market (and ability to work remotely) and affordability with mortgage rates. February was the … Continue reading “US Existing Home Sales Fell 2.4% In March, Inventory for Sale Extremely Tight”
US Existing Home Sales Soar 14.5% In February, First Rise in Over Twelve Months
US existing home sales from the National Association of Realtors rose 14.5% month-over-month in February to a seasonally adjusted annual rate of 4.58 million (consensus 4.2 million) versus an unrevised 4.0 million in January. Existing home sales had fallen twelve straight months prior to February, the longest stretch since 1999, and the lowest level since November of 2010. Total sales in February were down .0% from one year ago. All regions experienced year-over-year declines. The median existing-home price for all housing types … Continue reading “US Existing Home Sales Soar 14.5% In February, First Rise in Over Twelve Months”
US Existing Home Sales fell 1.5% In December, Down for Eleventh Straight Month
US existing home sales from the National Association of Realtors fell 1.5% month-over-month in December to a seasonally adjusted annual rate of 4.02 million (consensus 4.20 million) versus an unrevised 4.43 million in November. That is the eleventh straight month that existing home sales have fallen, the longest stretch since 1999, and the lowest level since November of 2010. Total sales in December were down 34.0% from one year ago. All regions experienced year-over-year declines. The median existing-home sales price climbed … Continue reading “US Existing Home Sales fell 1.5% In December, Down for Eleventh Straight Month”
US Existing Home Sales plunged 7.7% In November, Down for Tenth Straight Month
November US existing home sales from the National Association of Realtors fell 7.7% month-over-month in November to a seasonally adjusted annual rate of 4.09 million (consensus 4.20 million) versus an unrevised 4.43 million in October. That is the tenth straight month that existing home sales have fallen. Total sales in November were down 35.4% from a year ago. Median price growth has slowed meaningfully as higher mortgage rates and inflation has enforced affordability pressures. Yesterday we heard total building permits declined … Continue reading “US Existing Home Sales plunged 7.7% In November, Down for Tenth Straight Month”
US Existing Home Sales Fall for Ninth Straight Month in October at Weakest Sales Pace Since 2011 ex. Pandemic
October US existing home sales from the National Association of Realtors fell 5.9% month-over-month in October to a seasonally adjusted annual rate of 4.43 million (consensus 4.38 million) versus an unrevised 4.71 million in September. That is the ninth straight month that existing home sales have fallen, and it is the weakest pace of sales since late 2011, excluding the 2020 pandemic period. Total sales in October were down 28.4% from a year ago. Higher interest rates are creating affordability pressures … Continue reading “US Existing Home Sales Fall for Ninth Straight Month in October at Weakest Sales Pace Since 2011 ex. Pandemic”
US Existing Home Sales Fall for Eighth Straight Month in September as Mortgage Rates Breach 7 Percent
August US existing home sales from the National Association of Realtors fell 1.5% month-over-month in September to a seasonally adjusted annual rate of 4.71 million (consensus 4.70 million) versus a downwardly revised 4.78 million (from 4.80 million) in August. That is the eighth straight month that existing home sales have fallen with the weakest pace of sales since 2012, according to NAR. Total sales in September were down 23.8% from a year ago. Higher interest rates are creating affordability pressures … Continue reading “US Existing Home Sales Fall for Eighth Straight Month in September as Mortgage Rates Breach 7 Percent”
US Existing Home Sales Fall for Seventh Straight Month in August as Mortgage Rates Soar
August US existing home sales from the National Association of Realtors fell 0.4% month-over-month to a seasonally adjusted annual rate of 4.80 million (consensus 4.70 million) versus an upwardly revised 4.82 million (from 4.81 million) in July. That is the seventh straight month that existing home sales have fallen. Total sales in August were down 19.9% from a year ago. The last time sales declined for seven consecutive months was between August 2013 and January 2014, according to NAR. Higher interest … Continue reading “US Existing Home Sales Fall for Seventh Straight Month in August as Mortgage Rates Soar”
US Existing Home Sales Fall for Sixth Straight Month in July to 26 Month Low
July US existing home sales from the National Association of Realtors fell 5.9% month-over-month in July to a seasonally adjusted annual rate of 4.81 million versus a downwardly revised 5.11 million (from 5.12 million) in June. This was the sixth straight month of declines. The last time sales declined for six consecutive months was between August 2013 and January 2014, according to NAR. Median sale price eased last month to $403,800 from June record of $413,800. Higher interest rates are creating … Continue reading “US Existing Home Sales Fall for Sixth Straight Month in July to 26 Month Low”
US Existing Home Sales Fall for Fifth Straight Month in June to Two Year Low
June US existing home sales from the National Association of Realtors fell 5.4% to 5.12 million below market forecasts of 5.40 million. This was the fifth straight month of declines. Higher interest rates are creating affordability pressures for prospective buyers. Total sales in June were down 14.2% from a year ago. This is becoming an even bigger factor, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 5.52% in June, up from 5.23% in May. The average commitment rate across all … Continue reading “US Existing Home Sales Fall for Fifth Straight Month in June to Two Year Low”
US Existing Home Sales Fall for Fourth Straight Month in May as Mortgage Rates Rise
May US existing home sales from the National Association of Realtors fell 3.4% to 5.41 million below market forecasts of 5.40 million. This was the fourth straight month of declines. Higher interest rates are creating affordability pressures for prospective buyers. This is becoming an even bigger factor, on June 16 the average rate on a 30-year, fixed-rate mortgage rose to 5.78%, mortgage-finance giant Freddie Mac said. This is the highest level since November 2008 and well above the 3.11% recorded near … Continue reading “US Existing Home Sales Fall for Fourth Straight Month in May as Mortgage Rates Rise”