A monthly update of housing market supply, demand, and prices.
Pending sales rose 2.5% month over month as mortgage rates hit a two-year low and the Federal Reserve cut interest rates. Rates have since ticked up. Existing home sales, which are a lagging indicator, fell to a seasonally adjusted annual rate of 4,023,067. That’s the lowest level on record aside from the start of the […]
Sales of existing homes dropped 1% month over month in August to a seasonally adjusted annual rate of 4 million, while pending sales fell 2%. Declining mortgage rates are giving buyers more purchasing power, but some house hunters are waiting on the sidelines in hopes that rates will fall further. Others are hesitant to buy
Sales of existing homes fell 2% year over year to a seasonally adjusted annual rate of 4.1 million in July. Pending sales were down 3% month over month and 6% year over year—both of which were the biggest drops in nearly a year. Home prices were just 0.7% below their record high—one reason buyers stayed
Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record Read More »
About 56,000 home purchases were canceled, equal to 15% of homes that went under contract—the highest percentage of any June on record. Buyers are skittish due to elevated mortgage rates and record-high home prices. 20% of homes for sale last month had a price cut—the highest June share on record. Many sellers are dropping prices
There have been only two months in the past decade with fewer home sales. High home prices, elevated mortgage rates and an ongoing housing shortage are deterring buyers. The median U.S. home sale price hit a record high in May as demand continued to outpace supply, with the number of homes for sale roughly 25%
Home Sales Fell to One of the Lowest Levels on Record in May Read More »
The median home sale price rose 6% year over year to $434,000 as a lack of new listings buoyed prices. The total number of homes for sale hit a four-year high, but that’s partly because some houses are sitting stale on the market after being priced too high. 18% of homes for sale in April
U.S. Home Prices Hit an All-Time High in April Read More »