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November Existing Home Sales Plunge

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 pace of exising home sales plunged 6.1% in November to an annualized rate of 4.93 million units. This was much worse than expected. Economists had forecast the pace of sales declined 1.1% to 5.

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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. With the much bigger than expected decrease, existing home sales tumbled to their lowest level since November of 2015. The report also said existing home sales in December were down by.

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Existing-home sales plummeted 7.1% in February, pointing to ongoing rockiness in a housing market struggling to find its footing. Sales ran at a seasonally adjusted annual rate of 5.08 million, the.

 · Sales of new homes took the sharpest plunge in more than a decade in November, the second report in a week that raised questions about the strength of the nation’s real estate market.

WASHINGTON — Sales of existing single family homes soared in November, following six consecutive monthly declines, said the National Association of Realtors in its monthly report released Thursday..

WASHINGTON (MarketWatch) – The sale of existing U.S. homes sank 27.2% in July – the biggest one-month drop ever – largely because of the phase-out of a federal tax credit, according to an industry.

(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.

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And no, that was not a seasonal effect. Existing home sales declined 6.4% MoM in December, the largest decline since November 2015. And on a YoY basis, existing home sales plunge 10.25%. US existing homes are very expensive compared to household income and the surge in mortgage rates during 2018 made housing ever less affordable..

Existing-home sales fell 16.7% in December, raising fresh concerns over the housing market’s ability to recover when government support winds down.

 · Existing-home sales in the United States unexpectedly plunged 27.2% in July to a 15-year low Tuesday, sending markets into a tailspin. Here’s what economists are.

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