All articles tagged with #pending home sales
Pending home sales in November increased by 3.3% month-over-month and 2.6% year-over-year, marking the strongest market performance in nearly three years, driven by improved housing affordability, lower mortgage rates, and increased inventory, with positive outlooks from real estate professionals.
The National Association of REALTORS® reported a 4.0% monthly and 3.8% yearly increase in pending home sales in August, driven by lower mortgage rates and regional differences, with notable growth in the Midwest, South, and West regions.
Pending home sales in the US continue to decline, reaching near record lows across all regions, with a significant increase in cancellations and rising inventories, especially in the South and West, as high prices and economic factors suppress demand.
Pending home sales in the US declined significantly in April across all regions, with the West and South experiencing the steepest drops and inventories reaching five-year highs, indicating a market correction after pandemic-driven price spikes. Despite falling sales, inventories are rising, especially in California, Florida, and Texas, providing better negotiating power for buyers. Mortgage rates have stabilized around 6.89%, but high prices continue to hinder demand, reflecting a market adjusting from pandemic excesses.
US pending home sales declined by the most since September 2022, mainly due to high mortgage rates and prices, indicating a sluggish spring selling season and potential for continued market weakness until rates decrease closer to 6%.
Pending home sales in the U.S. declined by 6.3% in April, with all regions experiencing month-over-month losses, highlighting the impact of mortgage rates on the housing market despite increased inventory. Year-over-year, some regions saw slight gains, but overall contract signings remain subdued, emphasizing the importance of lower mortgage rates to boost sales.
US pending home sales experienced their largest drop in three years in April, falling 7.7% due to high interest rates, according to the National Association of Realtors. The overall activity level was the lowest since the onset of the COVID-19 pandemic. The Federal Reserve's anticipated rate cuts later this year are expected to improve market conditions.
Pending home sales in the US fell to their lowest level on record in October, declining at a faster rate than during the 2008 housing collapse. The National Association of Realtors reported a 1.5% slump in transactions, bringing the index down to its lowest figure since 2001. Soaring mortgage rates and high house prices have dampened the property market, with limited housing inventory preventing demand from being fully satisfied. However, sales of homes priced above $750,000 saw a spike, and newly built home sales increased due to a rise in construction. Buyers are currently facing one of the least affordable housing markets in recent memory.
US stocks were mixed as the Dow Jones Industrial Average gained 0.8% while the S&P 500 slipped 0.1% and the Nasdaq Composite fell 0.6%. The release of the Fed's preferred inflation measure, the PCE index, which came in line with expectations, added to the belief that the Fed may cut rates sooner than expected. Oil prices rose as OPEC+ agreed to additional output cuts of 1 million barrels per day. Pending home sales hit a 20-year low due to rising mortgage rates.
Pending home sales in the US dropped 1.5% in October, reaching the lowest level since tracking began in 2001, even worse than during the financial crisis. The decline is attributed to high mortgage rates and a limited supply of homes for sale. While recent decreases in mortgage rates may help qualify more buyers, the low housing inventory continues to prevent housing demand from being fully satisfied. Sales fell in all regions except the Northeast, with the steepest decline in the expensive West. Home prices continue to rise, particularly in the high-end market where supply is relatively higher.
Pending home sales in the US plummeted by 7.1% in August, a larger decline than expected, as high mortgage rates deterred buyers and sellers. Year over year, pending transactions are down 18.7%. The surge in mortgage rates has diminished the pool of home buyers, causing some to pause and adjust their expectations. Meanwhile, would-be sellers with lower rates are staying put, exacerbating the ongoing inventory shortage. The decline in sales has also contributed to a drop in new home prices. Increased housing inventory and better interest rates are seen as essential to revive the housing market.
Contracts to buy existing homes in the US fell more than expected in August, dropping by the largest margin in nearly a year, as high mortgage rates eroded affordability. The National Association of Realtors' Pending Home Sales Index declined by 7.1%, exceeding economists' forecasts. On a year-over-year basis, pending sales were down 18.7%. The decrease in sales was driven by declining buyer affordability, with average mortgage payments rising by 18% compared to the previous year. The Federal Reserve's campaign to raise interest rates to curb inflation has kept mortgage rates above 7% since early August.
The number of homes on the market fell short of demand in May, leading to a 2.7% drop in pending home sales, according to the National Association of Realtors. The lack of housing inventory and elevated prices and mortgage rates are preventing housing demand from being fully realized. Home prices have been propped up by bidding wars as buyers compete for a limited supply of homes, with 37% of homes sold in May going above their asking price. Sales of new homes have increased, but the supply from new construction remains insufficient to meet demand.
Pending home sales in the US decreased by 2.7% in May compared to the previous month, with year-over-year declines in all four regions, according to the National Association of REALTORS. The Northeast saw a surge in sales, while the Midwest, South, and West regions experienced losses. The lack of housing inventory continues to hinder housing demand, and NAR Chief Economist Lawrence Yun suggests boosting existing-home inventory with temporary tax incentive measures.
Pending home sales in the US remained unchanged in April, according to data from the National Association of Realtors, as inventory challenges continue to thwart buyers. The gauge, a leading sign of the housing market's health, further accentuates how elevated mortgage rates are convincing homeowners to delay their selling plans. On a yearly basis, pending transactions dropped by 20.3%. The shortage of homes in the resale market, a longtime trend made worse by rising mortgage rates, is a big factor weighing on the market.