Pending home sales improved in March but low inventory remains a challenge to affordability. NAR’s Pending Home Sales Index rose by 3.4% month-over-month to a reading of 78.2 last month. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, they were up a modest 0.1%, with the Midwest and…
Pending home sales increased in February as inventory loosened up and buyers became accustomed to the high-rate environment. NAR’s Pending Home Sales Index rose by 1.6% month-over-month to a reading of 75.6 last month. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, they were down 7%. “While modest…
New home sales declined in February as existing sales surged, showing buyers still prefer affordable, older stock over new when it becomes available. That’s according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales down by 0.3% to a seasonally adjusted annual rate of 662,000, slipping…
Pending home sales contracted in January as rate-sensitive buyers skipped out despite increasing inventory. NAR’s Pending Home Sales Index fell by 4.9% month-over-month to a reading of 74.3 in January. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, they were down 8.8%. “The job market is solid, and…
Existing-home sales rebounded from a December plummet in January, increasing month-over-month, but not annually. Sales increased by 3.1% to a seasonally adjusted annual rate of 4.00 million, according to the latest data from the National Association of Realtors. They were down 1.7% from the same time last year, however. The Midwest, West, and South all…
Home construction lost ground in January, collapsing to the slowest pace in five months. Residential home construction fell to a 1.33 million annual pace, down from a revised 1.56 million in December, according to data from the U.S. Census Bureau. This is the biggest drop since April 2020, and a far cry from Wall Street…
Rates stayed basically the same last week, inching up just slightly. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.64%, barely budging from the week prior’s 6.63%. A year ago at this time, the 30-year FRM averaged 6.12%. Rates have stuck around the mid-6’s for about two months now. The 15-year…
New home sales spiked in December as cooling rates encouraged purchase-shy buyers to make the leap. That’s according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales up by 8% from October to a seasonally adjusted annual rate of 664,000, a jump from the month priors’…
Existing-home sales slipped in December to their lowest point since 1995. Sales declined by 1% to a seasonally adjusted annual rate of 3.78 million, according to the latest data from the National Association of Realtors. They were down 6.2% from the same time last year. The South and Midwest experienced declines month-over-month, while the Northeast…
Existing-home sales increased for the first time in five months as falling rates made homebuying more affordable. Sales rose by 0.8% to a seasonally adjusted annual rate of 3.82 million, according to the latest data from the National Association of Realtors. While this is a clear improvement from past months, year-over-year sales are down 7.3%,…
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