November Existing Home Sales Plunge

November Existing Home Sales Plunge

Home sales plunged in December, raising fresh concerns over the housing market’s ability to recover when government support winds down. Sales of previously owned homes fell 16.7% from November to.

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From the NAR: Existing-Home Sales Decline in Economic Uncertainty Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 percent to a seasonally adjusted annual rate of 4.49 million units in November from a downwardly revised level of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007.

Sales of new U.S. homes plummeted 8.9 percent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009.

It is hard to sort out the closings scheduled for December from those delayed into the month from November by problems with the new Truth-in-Lending disclosure (TRID) rule. The bottom line however is.

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(AP)- Fewer americans bought homes in November as buying slid to its slowest pace in six months. The National Association of Realtors said Monday that sales of existing homes fell 6.1 percent to a.

Existing home sales, which were already at a 7-1/2 year low in November and down 7.0 percent from a year earlier are now 10.3 percent lower than from the 5.56 percent pace last December.

According to the data released by NAR, existing home sales dropped 1.2 percent to a seasonally adjusted annual rate of 4.94 million units during the month of January. This was the lowest level since.

November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.

Homebuying activity increased in November to the strongest sales pace in nearly a decade, though rising prices and mortgage rates could pressure the U.S. housing sector in the new year. Purchases of.

Home sales data is finally beginning to reflect the recent plunge in mortgage rates. After upward revisions, both new and existing home. basis points since last November. As we’ll discuss.

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