Existing Home Sales Down 0.4% In August

Existing-home sales dropped for the seventh straight month in August, down 0.4% from July and 19.9% YOY, according to the National Association of Realtors’ most recent data. Sales fell to a seasonally adjusted annual rate of 4.80 million and declined in every major region. Inventory of unsold homes fell 1.5% from July to 1.28 million, breaking a five-month streak of increases. This is a 3.2 months supply at the current sales pace. “The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve’s interest rate policy changes,” said NAR Chief Economist Lawrence Yun.  “The softness in home sales reflects this year’s escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed…

Existing-Home Sales Fell By 5.9% In July

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…

Morning Roundup (4/21/2022)– Monthly Payments Up, Home Sales Down

Good Morning! Today is Thursday, April 21. Russia test-launched a new intercontinental missile that it said could carry several nuclear warheads. The federal government charged 21 people in Medicare fraud schemes, including selling fake vaccine cards and test results. The Mortgage Note Reports “Plenty Of Fuel In The Tank”: Monthly mortgage payments on the typical U.S. home are 19.5% higher than they were three months ago, but demand just keeps growing. Existing Home Sales: Existing-home sales fell for the second straight month in March, down 2.7% from the prior month and 4.5% from a year ago.  And in other mortgage and housing news… Blend Layoffs: Mortgage tech company Blend has laid off 10% of its workforce. BOA Settlement: HUD signed a Conciliation Agreement with Bank of America to resolve…

Existing Home Sales Fall For Second Month

Existing home sales fell for a second month in March, down 2.7% from February and 4.5% YOY, according to the National Association of Realtors (NAR). Existing home sales are now down to an annualized rate of 5.77 million. March sales dropped in three of the four major regions but stayed stable in the West. But all four regions saw YOY declines. “The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” said Lawrence Yun, NAR’s chief economist.  “Still, homes are selling rapidly, and home price gains remain in the double-digits.” Properties remained on the market for an average of 17 days, down from 18 days both in…

Morning Roundup (3/21/2022)– CFPB Targets Unfair Discrimination, Existing-Home Sales

Good Morning! Today is Monday, March 21. Wheat, corn, and barley are trapped in Russia and Ukraine, threatening a global food shortage. The Senate begins hearings today for Ketanji Brown Jackson, Biden’s Supreme Court nominee. A China Eastern Airlines flight carrying more than 130 people crashed in southern China. The Mortgage Note Reports Unfair Discrimination In Consumer Finance Targeted: The Consumer Financial Protection Bureau is targeting discrimination. Existing-Home Sales: Existing-home sales were down 7.2% from January to February and 2.4% from one year ago, NAR reported. Deephaven COO: Lisa Heitzmann has been appointed Chief Operating Officer at non-QM lender Deephaven Mortgage. And in other mortgage and housing news. Hispanic Homeownership: Last year was the best for Hispanic homeownership in the U.S. since 2008 by percent, but Hispanics are 81%…

Existing-Home Sales Up 0.8% in October

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…