Existing-home sales dipped again in May as the median sales price hit a record high.
Existing sales fell by 0.7% last month to a seasonally adjusted annual rate of 4.11 million, according to the National Association of Realtors. They were down 2.8% YOY.
This was the worst May data since 2020 but in line with estimates from analysts surveyed by Bloomberg.
The median existing sales price rose 5.8% YOY to $419,300, the eleventh consecutive month of annual price gains and the highest price ever recorded by NAR.
At the same time, the inventory of unsold existing homes increased by 6.7% from the month prior to 1.28 million, the equivalent of 3.7 months’ supply at the current monthly sales pace. Annually,…
Existing-home sales continue to be stifled by “twin” market dynamics, and First American expects them to slow through the month.
The company’s Existing-Home Sales Outlook “nowcasts” sales based on the historical relationship between sales, demographic trends, house-buying power, and the prevailing financial and economic conditions.
For May, the company expects to see sales down YOY and even with April.
“For the remainder of 2024, existing-home sales may increase slightly over last year, especially if mortgage rates fall and inventory continues to rise. However, without a boost in affordability and more existing-home inventory any sales momentum is likely to stall,” deputy chief economist Odeta Kushi wrote in the report.
“Double-edged” rates are now keeping the cost of homeownership high, and elevated…
New home sales declined in February as existing sales surged, showing buyers still prefer affordable, older stock over new when it becomes available.
That’s according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales down by 0.3% to a seasonally adjusted annual rate of 662,000, slipping from the month priors’ revised rate of 664,000.
Sales were still up by 5.9% from the same time last year, however.
The decline was the first in three months and generally unexpected by analysts, according to Bloomberg. Surveyed economists had predicted a rate of 667,000.
There were 463,000 new homes for sale at the end of the month. This represents an 8.4-month supply at the…
Existing-home sales slipped in December to their lowest point since 1995.
Sales declined by 1% to a seasonally adjusted annual rate of 3.78 million, according to the latest data from the National Association of Realtors. They were down 6.2% from the same time last year.
The South and Midwest experienced declines month-over-month, while the Northeast saw effectively no change. Notably, sales in the West spiked by 7.8%. All regions clocked decreases YOY.
This is a turnaround from November, which saw sales increase for the first time in five months, and a break from predictions. Economists surveyed by The Wall Street Journal expected sales of previously owned homes would rise to a seasonally adjusted 0.3%.
NAR Chief Economist Lawrence Yun suggested…
Existing-home sales increased for the first time in five months as falling rates made homebuying more affordable.
Sales rose by 0.8% to a seasonally adjusted annual rate of 3.82 million, according to the latest data from the National Association of Realtors.
While this is a clear improvement from past months, year-over-year sales are down 7.3%, and NAR Chief Economist Lawrence Yun notes the data is still impacted by the sky-high mortgage rates of the past few months.
“The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in November,” said NAR Chief Economist Lawrence Yun. “A marked turn can be expected…
Existing-home sales sunk even further in September, with all regions seeing declines.
Sales fell by 2% to a seasonally adjusted annual rate of 3.96 million, according to the latest data from the National Association of Realtors.
Leaders there say sales retreated 15.4% from one year ago.
“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” said NAR Chief Economist Lawrence Yun. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”
All regions saw sales slip last month, with the formerly-hot Northeast and Midwest joining the South and West in declines.
The median price for an existing home rose 2.8% YOY to…
Existing-home sales slipped overall in August, though activity in the Midwest and Northeast remained hot.
Sales fell by 0.7% to a seasonally adjusted annual rate of 4.04 million, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 15.3%.
“Home sales have been stable for several months, neither rising nor falling in any meaningful way. Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run,” said NAR Chief Economist Lawrence Yun.
Poor performances in the South and West overshadowed neutral activity in the Northeast and a spike in the Midwest. Yun noted that the South’s performance is an improvement over…
Existing-home sales dipped in April as high interest rates and low inventory continued to negatively impact the market.
Sales declined by 3.4% to a seasonally adjusted annual rate of 4.28 million from 4.44 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 23.2%.
All four major regions saw sales decline year-over-year and month-over-month.
“Home sales are bouncing back and forth but remain above recent cyclical lows. The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand,” said NAR Chief Economist Lawrence Yun.
“Roughly half of the country is experiencing price gains. Even in markets with lower…
Existing-home sales dipped in March after rising the month prior as the housing market remains rate sensitive.
Sales declined by 2.4% to a seasonally adjusted annual rate of 4.44 million from 4.48 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 22%.
All four major regions saw sales decline year-over-year and three of the four tanked month-over-month. Only the Northeast’s sales were unchanged from February.
The median price for an existing home slid YOY alongside rates, down 0.9% to $375,700. This is just the second YOY decline in years– last month’s dip broke the longest streak on record, 131 consecutive months of price gains.
“Home sales are trying to recover…
Existing-home sales exploded in February, breaking a full-year downward streak thanks to retreating interest rates.
Sales increased by 14.5% to a seasonally adjusted annual rate of 4.48 million from 4.02 million the month prior, according to the latest data from the National Association of Realtors.
It’s the largest monthly percentage increase since July 2020.
All four major regions saw sales increase month-over-month and decrease year-over-year. At the same time, the median price for an existing home slid YOY alongside rates, down 0.2% to $363,000. This is the first YOY decline in 131 consecutive months, the longest streak on record.
“Conscious of changing mortgage rates, homebuyers are taking advantage of any rate declines. Moreover, we’re seeing stronger sales gains in areas…
