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Existing-home sales dropped off considerably in November to the slowest pace in 19 months, but some of the decrease was likely because of an apparent rise in closing timeframes that may have pushed.
With spiking mortgage rates, and tumbling mortgage applications, it is hardly surprising that existing home sales tumbled in December but the 2.8% plunge is the biggest since July and is the worst decline for December since 2009.
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Find the latest news, headlines, blogs and watch video about real estate, housing, mortgages, refinancing, apr and real estate markets from CNBC.com.. Existing home sales at their fastest pace.
Interest rates slowing home sales, mortgage data show Normally, sales rise between May and June – since 1988 they’ve gone up 3.6% on average. June a year ago is when the Bay Area’s red-hot market began to show signs of slowing. and thanks to lower.
WASHINGTON-Sales of previously owned homes plummeted in November as delays caused by new mortgage red-tape and a dwindling supply of residences on the market pushed down sales to a level not seen.
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2018-11-15 · "Total developer sales could potentially near or even exceed 1,000 units in November," she said. Grace Leong A version of this article appeared in the print edition of The Straits Times on November 16, 2018, with the headline ‘New private home sales plunge by half in.
"A correction was due." Pantheon macroeconomics existing home sales plunged in November.. According to the NAR, the pace of sales fell by 6.1%, to an annualized rate of 4.93 million units.
NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3 percent to a rate of 5.25 million from the 5.32 million originally reported for the previous month.
However, existing home sales still dropped 7% annually, the largest drop since May 2011 – existing home sales account for 90% of all US home sales. Sales have decreased 2.3% from January to November compared to the same period in 2017, with mortgage rates and shortages of skilled workers impacting sales significantly.
The pair also warned over trade tensions between China and the US, which have made some overseas firms think twice before.
November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s “seasonally adjusted, annualized rate (saar)” metric. The point here is that the plunge in sales.