Posts Tagged home sales

Existing-home sales fall in January, but signs point to a strong spring market

houses and calculator with magnifying glass

Sales of previously owned homes, also known as existing homes, fell in January. While this may sound discouraging, recent data showing a decline in home prices and mortgage rates could point to a pickup this spring. Existing-home sales dropped 1.2% in January from the prior month to a seasonally adjusted annual rate of 4.94 million, according to the most recent data from the National Association of Realtors (NAR). That undershot economists’ expectations for an increase to 5.02 million. December’s sales were revised higher to a 5.0 million rate, according to Realtor.com.

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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 Realtors® (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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