Weakness in existing home sales was swamped by surprising strength in new home sales (largely skewed by dramatic incentives from builders) and today Pending home sales breaks the tie (expected to show a small 0.8% MoM rise in sales). Instead, pending home sales tumbled 5.2% MoM, dragging the YoY sales down 23.26%…
Newsfeed: US Pending Home Sales Plunged In March As Rates Rebounded Read More »
After surging far more than expected in December and January (and beaten expectations in each of the last six months), new home sales were expected to slide in February (despite the unexpected jump in existing home sales as mortgage rates took a pause from their blast off higher).
Newsfeed: New Home Sales Unexpectedly ‘Rose’ In February, Median Price Rebounds Read More »
Existing home sales in February jumped 14.5% to an annualized rate of 4.58 million, the largest monthly percentage increase since July 2020 and ending a 12-month slide, data from the National Association of Realtors out Tuesday showed.
Newsfeed: Existing home sales jump in February as mortgage rates fall Read More »
Existing home sales plunged, new home sales surged… so today’s pending home sales print will be the decider over what level of bloodbathery is really occurring in the US housing market.
Newsfeed: US Pending Home Sales Explode Higher In January Read More »
US existing home sales dropped for the 11th straight month in December (-1.5% MoM – slightly less than expected thanks to downward revisions of previous months), leading to a record 34% drop year-over-year (worse than the worst drop during the Great Financial Crisis)…
We expect home sales to sink to their lowest level in more than a decade in 2023 as high mortgage rates keep housing costs up and prevent people from moving. High homeowner equity and a resilient job market will stave off a wave of foreclosures.
After existing home sales tumbled, new home sales were expected to follow suit amid soaring borrowing costs and ever-higher prices (despite building inventories and incentives by homebuilders). They didn’t…
Newsfeed: New Home Sales Unexpectedly Jump In October, Prices Surged To Record Highs Read More »
Home sales declined for the ninth straight month in October, as higher interest rates and surging inflation kept buyers on the sidelines. Sales of previously owned homes dropped 5.9% from September to October, according to the National Association of Realtors. That is the slowest pace since December 2011, with the exception of a very brief drop at the beginning of the Covid-19 pandemic.
Following the declines in new- and existing-home sales, analysts (unsurprisingly) expected to see pending home sales drop for the 10th month of the last 11. They were right BUT the magnitude was remarkable.
Newsfeed: US Pending Home Sales Collapsed In October, Weakest Since 2010 Read More »
After the collapse in housing starts data (and mortgage applications and homebuyer confidence and homebuilder sentiment), it should be no surprise that analysts expected existing home sales to continue their streak of declines in September.
Newsfeed: US Existing Home Sales Crash To 8 Year Lows Read More »