Posts Tagged home sales

Pending Home Sales Post Surprising Drop in November

small green house

Sales contracts for previously-owned homes in the U.S. unexpectedly dropped in November, marking the second month of declines. The index of pending home sales fell 0.7 percent month-over-month in November, according to recent data released by the National Association of Realtors in Washington. The index fell 7.7 percent from a year ago (on an unadjusted basis), following a downwardly revised 4.7 percent slump in October. Economists polled by Reuters had forecast pending home sales to rise 0.7 percent last month. These weaker results point to continuing challenges the market faces: higher mortgage rates and elevated home prices. These factors could

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Existing-Home Sales Rise for the First Time in Six Months

shopping cart money bag house

After six straight months of declines, the number of existing-home sales crept back up in October, according to the latest data from The National Association of RealtorsĀ® (NAR). Total existing-home sales are defined as completed transactions that include singe-family homes, townhomes, condominiums and co-ops that are already built; i.e., not new construction. The number of these home sales increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million last month. Sales remain lower on a year-over-year basis with sales down 5.1 percent. What’s behind the trend? NAR’s Chief Economist Lawrence Yun says greater housing inventory has brought

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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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