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 »
Nestled in the sprawling desert community of North Las Vegas, the three-bedroom home at 6043 Clovelly St. perfectly embodies what has gone terribly wrong at Opendoor Technologies.
The housing environment is so unaffordable that certain banks lost money for each mortgage they financed last year — the first time that’s happened, according to the Mortgage Bankers Association.
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 »
National home prices fell for 6 straight months up to December (the latest data from S&P Global’s Case-Shiller index), dropping more than expected (-0.51% MoM vs -0.40% MoM exp). This slowed the annual growth of prices to the weakest since July 2020…
Newsfeed: US Home Prices Tumbled For 6th Straight Month In December Read More »
Before we dig into this morning’s new home sales data, we note that both homebuilders and homebuyers have seen a rebound in confidence this year (even though the latter remains near extreme lows as one would expect)…
Newsfeed: US New Home Sales Unexpectedly Soared In January As Prices Plunge Read More »
Existing home sales had fallen for a record 11 straight months ahead of this morning’s print for January, which consensus expected to reveal a 2% MoM rebound. However, existin home sales for January actually tumbled 0.7% MoM (well below the 2.0% jump expected) and the record 12th straight monthly decline with December’s 1.5% decline actually revised even worse to -2.2% MoM…
Home prices are going up across the country — in aggregate. Looking at individual markets, however, some are showing prices have fallen from a year ago.
Newsfeed: Existing Home Sales Lowest in 12 Years, But It Could Be Worse Read More »
Home prices are going up across the country — in aggregate. Looking at individual markets, however, some are showing prices have fallen from a year ago.
Newsfeed: Prices for single-family homes are falling in these cities Read More »