Existing-home sales slipped overall in August, though activity in the Midwest and Northeast remained hot.
Sales fell by 0.7% to a seasonally adjusted annual rate of 4.04 million, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 15.3%.
“Home sales have been stable for several months, neither rising nor falling in any meaningful way. Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run,” said NAR Chief Economist Lawrence Yun.
Poor performances in the South and West overshadowed neutral activity in the Northeast and a spike in the Midwest. Yun noted that the South’s performance is an improvement over…
Existing-home sales dipped in April as high interest rates and low inventory continued to negatively impact the market.
Sales declined by 3.4% to a seasonally adjusted annual rate of 4.28 million from 4.44 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 23.2%.
All four major regions saw sales decline year-over-year and month-over-month.
“Home sales are bouncing back and forth but remain above recent cyclical lows. The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand,” said NAR Chief Economist Lawrence Yun.
“Roughly half of the country is experiencing price gains. Even in markets with lower…
Existing-home sales dipped in March after rising the month prior as the housing market remains rate sensitive.
Sales declined by 2.4% to a seasonally adjusted annual rate of 4.44 million from 4.48 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 22%.
All four major regions saw sales decline year-over-year and three of the four tanked month-over-month. Only the Northeast’s sales were unchanged from February.
The median price for an existing home slid YOY alongside rates, down 0.9% to $375,700. This is just the second YOY decline in years– last month’s dip broke the longest streak on record, 131 consecutive months of price gains.
“Home sales are trying to recover…
Existing-home sales exploded in February, breaking a full-year downward streak thanks to retreating interest rates.
Sales increased by 14.5% to a seasonally adjusted annual rate of 4.48 million from 4.02 million the month prior, according to the latest data from the National Association of Realtors.
It’s the largest monthly percentage increase since July 2020.
All four major regions saw sales increase month-over-month and decrease year-over-year. At the same time, the median price for an existing home slid YOY alongside rates, down 0.2% to $363,000. This is the first YOY decline in 131 consecutive months, the longest streak on record.
“Conscious of changing mortgage rates, homebuyers are taking advantage of any rate declines. Moreover, we’re seeing stronger sales gains in areas…
Existing-home sales dropped for the tenth straight month in November, down 7.7% from October and 35.4% YOY, according to the latest data from the National Association of Realtors. Sales fell to a seasonally adjusted annual rate of 4.09 million from 4.43 million the month prior. All four major regions saw declines. “In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the COVID-19 economic lockdowns in 2020,” said NAR Chief Economist Lawrence Yun. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Plus, available housing inventory remains near historic lows.” Inventory of unsold homes fell 6.6% from October to…
Existing-home sales dropped for the sixth straight month in July, down 5.9% from June and 20.2% YOY, according to the National Association of Realtors’ most recent data. Sales fell to a seasonally adjusted annual rate of 4.81 million and declined in every major region. At the same time, inventory of unsold homes increased to 1.31 million, or 3.3 months of inventory at the current sales pace. “The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June. Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers,” said NAR Chief Economist Lawrence Yun. The median price for an existing home…
Existing-home sales fell in February as rising interest rates and inflation continue to put pressure on consumers, according to the National Association of Realtors. Sales fell to a seasonally adjusted rate of 6.02 million, down 7.2% from January and 2.4% year-over-year. The inventory of unsold existing homes rose slightly to 87,000, or 1.7 months of supply at the current sales pace. Each of the four major U.S. regions saw sales fall on a month-over-month basis in February. Sales activity year-over-year was also down overall, though the South experienced an increase while the remaining three regions reported drops in transactions. The median existing-home sales price increased to $357,300, up 15% YOY and the 120th straight month of annual price increases. It’s…
Good Morning! Today is Monday, November 11. Kyle Rittenhouse was acquitted on all charges. An SUV that drove into a Wisconsin holiday parade killed at least five people and wounded 40. Two Fox News contributors resigned in protest of a Tucker Carlson documentary featuring debunked conspiracy theories. And in mortgage and housing news… Existing Home Sales: Existing-home sales rose in October for the second month straight, though sales year-over-year are down 5.8%. Zillow Lawsuit: Investors are suing Zillow, saying they made misleading statements about the financial security of Zillow Offers. The law firm helming the claim has put out a call for investors who lost big to join in. Auctions This Week: The Treasury Department is holding auctions for two-,…
Existing-home sales rose in October for the second month straight, though sales year-over-year (YOY) dropped, according to the National Association of Realtors. Sales of existing homes rose 0.8% from September to October, at a seasonally adjusted rate of 6.34 million. However, sales fell 5.8% YOY, down from 6.73 million in October 2020. “Home sales remain resilient, despite low inventory and increasing affordability challenges,” said Lawrence Yun, NAR’s chief economist. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.” Though sales were down compared to the same time last year, prices were up: the median price for an existing home was $353,900, up 13.1% from October…
