Mortgage Lenders News

November Existing Home Sales Plunge

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.

The Existing-Home Sales data measures sales and prices of existing single-family homes for the nation overall, and gives breakdowns for the West, Midwest, South, and Northeast regions of the country. These figures include condos and co-ops, in addition to single-family homes.

Contracts to purchase previously owned U.S. homes unexpectedly fell in November. 28 economists surveyed by Bloomberg called for an increase of 0.7 percent. The pullback underscores concern raised.

 · The median sales price fell by the largest amount on record.The National Association of Realtors said Tuesday existing home sales fell 8.6 percent to an annual rate of 4.49 million in November.

Existing-home sales dropped 4.8% at an annual rate of 5.31 million in August, according to the National Association of Realtors. This followed a 1.8% rise in July, revised lower, to an annual rate of.

NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3 percent to a rate of 5.25 million from the 5.32 million originally reported for the previous month.

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 · Existing Home sales extend plunge, Biggest Annual Drop Since 2014 After new- and existing-home sales tumbled in December, expectations were for a modest 0.5% rebound in January ( despite plunging mortgage applications and soaring rates ).

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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.

"A correction was due." Pantheon Macroeconomics Existing home sales plunged in November.. According to the NAR, the pace of sales fell by 6.1%, to an annualized rate of 4.93 million units.

NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3 percent to a rate of 5.25 million from the 5.32 million originally reported for the previous month.

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