• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Pending home sales drop to a record low, even worse than during the financial crisis
Editor's Pick

Pending home sales drop to a record low, even worse than during the financial crisis

by December 3, 2023
by December 3, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Pending home sales, a measure of signed contracts on existing homes, dropped 1.5% in October from September.

They hit the lowest level since the National Association of Realtors began tracking this metric in 2001, meaning it’s even worse than readings during the financial crisis more than a decade ago. Sales were down 8.5% from October of last year.

Because the index measures signed contracts, it is the most recent indicator of housing demand. It reflects the buyers who were out shopping in October, which was when the popular 30-year fixed mortgage rate briefly shot higher than 8%.

Rates have since pulled back to around 7.3%, according to Mortgage News Daily. The realtors continue to say it’s not just high rates but still very low supply of homes for sale that is deflating activity.

“Recent weeks’ successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from fully being satisfied,” Lawrence Yun, chief economist for the NAR, said in a release. “Multiple offers, of course, yield only one winner, with the rest left to continue their search.”

Pending sales fell in all regions month to month except in the Northeast. They fell most steeply in the West, which is where homes are most expensive. Sales were down everywhere compared with a year ago.

Tight supply and still-strong demand have kept pressure on home prices, which not only continue to hit new highs but appear to be accelerating in their gains.

The Realtors noted that sales of homes priced above $750,000 have been increasing simply because there is more supply on the high end of the market.

This post appeared first on NBC NEWS
You Might Also Like
  • Americans are unusually down on a solid economy. So far, they aren’t spending — or voting — like it.
  • Trump Media shares end week down nearly 20%, losing billions in market cap
  • The U.S. economy grew at a 3.3% pace in the fourth quarter, much better than expected
  • The pandemic emergency is over, but Covid’s impact on the labor force is set to last
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Key Freedom Caucus member predicts House GOP will fall short of government funding goals
next post
Week Ahead: NIFTY Stares At Scaling New Highs; These Sectors May Relatively Outperform

You may also like

Target says its holiday sales were better than expected —...

January 16, 2025

Returning a holiday gift? It could end up in a...

January 8, 2024

JPMorgan Chase is giving its employees an AI assistant powered...

August 12, 2024

Cut from projects, dropped by agents: How the Israel-Hamas war...

December 3, 2023

Taylor Swift agreed to FTX partnership, but the crypto exchange...

July 7, 2023

Inflation cooled to 5% in March, but consumer pain is...

April 13, 2023

McDonald’s to extend $5 value meal in most U.S. markets...

July 23, 2024

Dow tumbles 500 points, posts worst day since March 2023...

February 19, 2024

Grand Canyon University, largest for-profit college, fined $37.7 million

November 1, 2023

Reddit targets international users for ad growth, teases bolstered search...

November 28, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025
    • NBA star Russell Westbrook launches AI-enabled funeral planning startup

      May 7, 2025
    • Use This Multi-Timeframe MACD Signal for Precision Trades

      May 7, 2025
    • Judge allows lawsuit over Burger King’s Whopper ads to move forward

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,185 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,064)
    • Investing (538)
    • Stock (2,529)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against...

      May 7, 2025
    • NBA star Russell Westbrook launches AI-enabled funeral planning startup

      May 7, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,064)
    • Investing (538)
    • Stock (2,529)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Bronfman’s Paramount bid could keep Shari...

    August 26, 2024

    Walmart managers can now earn $400,000...

    February 1, 2024

    Disney sues Florida Gov. Ron DeSantis...

    April 27, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here