Mid America Mortgage Blog

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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Home Price Gains Slowing

mini houses on stacks of coins

The rate at which home prices are increasing appears to be slowing down, according to the latest Case-Shiller National Home Price Index. Fewer than half of the cities tracked by the organization posted price increases on an unadjusted basis in October, with annual readings also showing price gain slowdowns. The Case-Shiller National Home Price Index, which covers all nine U.S. census divisions, reported a 5.5 percent annual gain in October, which is unchanged from the year-over-year reading in September. This is noteworthy because the index had not been below 6 percent in twelve months until it fell to 5.7 percent

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Housing Inventory Gets a Boost in November

Housing inventory in the U.S. increased in November, shifting the balance of supply and demand more toward home buyers’ favor. According to a recent report from Redfin, the inventory of available residential real estate gained 5 percent in November when compared to the same time last year. Meanwhile, home prices increased 3.3 percent in November year-over-year to a median of $298,800. November marked the third straight month of annual home price gains under 4 percent after a 77-month ¬†streak of yearly price gains exceeding 4 percent. “The tide has turned,” said Redfin chief economist Daryl Fairweather. “Sellers are now competing

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