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%…
Contracts to buy U.S. previously owned homes increased for a third straight month in February, raising cautious optimism that the housing market slump could be bottoming out.
The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday.
The average rate on the 30-year fixed mortgage jumped back over 7% on Thursday, rising to 7.1%, according to Mortgage News Daily.
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.
It may come as a bit of a shock to those who have been following the creeping freeze in housing transactions as the bid-ask spread grows to monstrous proportions, leading to a record crash in pending home sales…
While existing home sales slipped to cycle lows in December, new home sales bounced and this morning analysts were surprised to see pending home sales rise 2.5% MoM (against expectations of a 1.0% decline), and November’s decline was revised higher…
Existing home sales crashed but new home sales rebounded in November, which leaves today’s pending home sales as the deciding vote for just how apparently dismal the US housing market really is.. and the decision is – the housing market is in trouble as pending home sales tumbled 4.0% MoM (vs -1.0% exp) and October’s drop was revised even deeper…
After plunging by the most since COVID lockdowns in September, analysts expected US pending home sales to tumble once again in October and they did, dropping 4.6% MoM (September was revised slightly higher from -10.2% MoM to -8.7% MoM)…
With mortgage rates soaring (now shockingly above 7% amid the fastest rise in history), it’s no surprise that analysts expected pending home sales to slide further in August (latest data) and they were right. Pending Home Sales fell 2.0% MoM (more than the 1.5% MoM decline expected) pushing the index down 22.5% YoY…