Home sales fell sharply in the second half of 2018, culminating in an especially bleak december: existing-home sales in the US fell 10.3% from last year, the steepest decline in more than seven. Historically, the US Pending home sales index troughed in the aftermath of the US Housing Crisis.
NAR: Pending home sales up 10.3% from last year Post By Pasquale Contents sales index (phsi fitch downgrades countrywide team katherine! jason kitch mortgage guarantor freddie mac Typically 40 days This week, the NAR released data showing that pending home sales fell 2.2% in December, the lowest point since 2014.
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New listings are up 2.3% from last year’s July numbers, but are down 2.9% from June 2016. Pending sales are down 2.6% from last month, and closed sales dropped 12.1%. However, despite these dips it was still the strongest July for new listings since 2008.
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The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.8% to 108.3 in June, up from 105.4 in May. Year-over-year contract signings jumped 1.6%, snapping a 17-month streak of annual decreases. Lawrence Yun, NAR chief economist, said the 2.8% increase in the national pending home sales index can be attributed.
The recent rise in existing-home sales, following five consecutive months of decline, is a signal that “a stabilization” is taking place in the housing market, the National Association of Realtors said last month. Total existing-home sales – including single-family, town homes, condos and co-ops – rose 5.2% in February, to a seasonally adjusted annual rate of 6.91 million units, up from the previous month, but.
· the pending home sales report The report announced that pending home sales (homes going into contract) are down 2.3% from last year and have continued to fall on an annual basis for seven straight months.
This is the first year-over-year increase in pending sales since 2004. There were 38,746 closed home sales in 2008, down only 3.5 percent from 2007. In the second half of the year, sales picked up momentum and haven’t let up since due to tumbling mortgage rates and increased affordability.
NAR released a summary of pending home sales data showing that June’s pending home sales pace was up 2.8% last month, and after 17 months of declines, up 1.6 % from a year ago. Pending sales represent homes that have a signed contract to purchase on them but have yet to close.