Last week's economic news supported recent reports that home sales were fewer and home prices increased, but did so at a slower pace. The NAR reported a slower pace of existing home sales, and FHFA reported a slower year-over-year rate of growth for home prices on properties financed by Fannie Mae and Freddie Mac. The U.S. Commerce Department reported that new home sales fell to their lowest level since July 2013. Mortgage rates rose for fixed rate mortgages, but were unchanged for 5/1 adjustable rate mortgages. Here are the details: Existing Home Sales Slow, Moderate Growth In Home Prices … [Read more...]
Pending Home Sales Post 20th Consecutive Month Of Annual Gains
The National Association of REALTORS® (NAR) reports that the Pending Home Sales Index fell 4.3 percent in December as compared to the month prior. The index now reads 101.7. The Pending Home Sales Index measures the number of U.S. homes that have gone "into contract", but have not yet closed. The report is based on data collected from local real estate associations, and from national brokers. Despite December's drop, however, the annual rate at which contracts for a home purchase were drawn increased 6.9 percent from one year ago, and marked the 20th consecutive month of annual purchase … [Read more...]
Existing Homes For Sale At Lowest Point In 11 Years
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years. According to the National Association of REALTORS®, Existing Home Sales for December 2012 fell to a seasonally-adjusted, annualized rate of 4.94 million homes from November's tally of 4.99 million existing homes. The Existing Home Sales report is based on the number of closings for previously-owned, single-family homes, townhomes, condominiums and co-ops. It's estimated that existing homes account for 85 to 90 percent of all home sales nationwide. 2012 … [Read more...]
Pending Home Sales Index Cruises To Multi-Year High
Home buyers continue to push the U.S. housing market forward. In November, for the second straight month, the Pending Home Sales Index eclipsed its benchmark reading of 100, posting a value of 106.4. The Pending Home Sales Index (PHSI) is published monthly by the National Association of REALTORS®. It tracks homes under contract to sell, but not sold. The PHSI is relative index, comparing current contract activity to the activity of 2001 -- the first year for which "pending homes" were tallied for an index. The Pending Home Sales Index has posted an average score of 100.2 from January 2012 … [Read more...]
Pending Home Sales Index Leaps To Multi-Year High
Homes were sold at a furious pace last month. According the National Association of REALTORS® (NAR), the Pending Home Sales Index rose 5.2 percent in October, crossing the benchmark 100 reading, and moving to 104.8. It's a 5-point improvement from September's revised figure and the highest reading April 2010 -- the last month of that year's federal home buyer tax credit. October also marks the 18th consecutive month during which the index showed year-to-year gains. As a housing market metric, the Pending Home Sales Index (PHSI) differs from most commonly-cited housing statistics … [Read more...]
