November Existing Home Sales Plunge

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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.

Sales of new single-family houses in the United states jumped 7.1 percent from the previous month to a seasonally adjusted annual rate of 713 thousand in August 2019, following a revised 8.6 percent slump in July and easily beating market expectations of a 3.5 percent increase. New home sales in the South rose 6 percent and those in the West soared 16.5 percent.

Existing Home Sales occurs when the mortgage is closed. Mortgage closing usually takes place 30-60 days after the sales contract is closed. . 2009-12-23 In November, the median sales prices for a new home was $217,400, a modest decline from $221,600 in November, 2008.

Existing home sales are accounted for when the sales transaction has fully closed, including title transfer. In other words, sales for November would reflect contracts signed in September and.

According to realtor.com, sales of existing homes dropped in October by 5.1% compared to a year earlier, despite edging up by 1.4% from the previous month. The main culprit for the decline is higher mortgage interest rates.The rate for a 30-year fixed rate mortgage averaged 4.81% last week,up significantly from a year ago, when they averaged 3.92%.

Investing.com – U.S. existing home sales fell sharply in November to hit the lowest level in 19 months, dampening optimism over the health of the housing market, industry data showed on Tuesday.

From the WSJ: U.S. Existing Home Sales Plunge in November. Sales of previously owned homes plummeted in November as delays caused by new mortgage red-tape and a dwindling supply of residences on the market pushed down sales to a level not seen since April 2014.

(The median price for an existing home was $220,300 in November, up 6.3% from the same month last year, while housing inventories at the end of November fell 3.3% from October to 2.04 million.

With spiking mortgage rates, and tumbling mortgage applications, it is hardly surprising that existing home sales tumbled in December but the 2.8% plunge is the biggest since July and is the worst decline for December since 2009.

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