Mid America Mortgage Blog

Pending Home Sales Drop in August

The number of existing U.S. homes going under contract dropped in August, marking the fourth time in five months the figure has fallen. According to the National Association of Realtors (NAR), its pending home sales index, which tracks contract signings for purchases of previously owned homes, fell 1.8% from July to 104.2 in August. This is a more significant decline than some economists predicted.

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New Home Sales Rise Despite Higher Costs

home builder on frame of house

More new homes are selling throughout the United States, even as affordability concerns persist. Sales of newly built, single-family homes rose 3.5 percent in August to a seasonally adjusted annual rate of 629,000 units after downwardly revised reports from June and July, according to recent data from the U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau. According to a press release from the National Association of Home Builders (NAHB), these downwardly revised reports suggest softness in new home sales activity this summer. Nevertheless, on a year-to-date basis, new home sales are 6.9 percent above where

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Home Price Gains Slowed in July

house on chart showing decrease in statistics

US home price gains decelerated for the fourth consecutive month in July, in response to rising mortgage rates. The increase in rates helped slow the rapid price appreciation, bringing a welcome respite to home buyers, according to realtor.com. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, saw a 6% gain in July compared with July 2017, down from a 6.2% year-over-year increase reported in June.

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