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 increased slightly in May, just enough to put a positive spin on the otherwise difficult market.
Sales rose by 0.2%, barely moving, to a seasonally adjusted annual rate of 4.30 million from 4.28 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 20.4%.
The South and West saw improvement month-over-month, but the Northeast and Midwest fared poorly.
“Mortgage rates heavily influence the direction of home sales. Relatively steady rates have led to several consecutive months of consistent home sales,” said NAR Chief Economist Lawrence Yun.
The median price for an existing dropped, down 3.1% to $396,100, NAR found. This is just the fourth YOY decline in years. February’s…
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 twelfth straight month in January, down .07% from December and 36.9% YOY, though the declines are milder than in previous months.
Sales fell to a seasonally adjusted annual rate of 4.02 million from 4.00 million the month prior, according to the latest data from the National Association of Realtors. The South and West saw increased sales month-over-month, while the East and Midwest experienced declines.
All four regions saw annual declines.
“Home sales are bottoming out. Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines,” said NAR Chief Economist Lawrence Yun.
“Inventory remains low, but buyers are beginning to have better negotiating power. Homes sitting on…
Existing-home sales dropped for the eleventh straight month in December, down 1.5% from November and 34% YOY, according to the latest data from the National Association of Realtors. Sales fell to a seasonally adjusted annual rate of 4.02 million from 4.09 million the month prior. Three of the four major regions saw declines month-over-month, though the West’s sales were unchanged from November. All four regions saw annual declines. “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” said NAR Chief Economist Lawrence Yun. “However, expect sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.” The 30-year fixed rate fell to 6.15% last week. Limited…
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 eighth straight month in September, down 1.5% from August and 23.8% YOY, according to the most recent data from the National Association of Realtors. Sales fell to a seasonally adjusted annual rate of 4.71 million and declined in three of the four major regions. The West saw no change. “Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory,” said NAR Chief Economist Lawrence Yun. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.” Inventory of unsold homes fell 2.3% from…
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…
