Existing Home Sales fell MoM for the 3rd-straight month, but even with total inventory rising to 1.28 million, median sales prices still climbed 3.1% MoM to a new record of $419,300.
Tags: homesales
After hitting their highest level in a year in February, sales of existing homes slipped 4.3% in March. However, sales are still at their second highest level since last May as NAR’s Chief Economist, Lawrence Yun, confirmed they’re “rebounding from cyclical lows.” The rise in first-time buyers and multiple offers also suggests demand remains ahead… Read more
Signed contracts on new homes rose for the second straight month in January, up 1.5% from December and 1.8% from a year earlier. The lack of existing homes for sale continues to boost the new construction market and, in a good sign for much-needed supply, the NAHB recently noted that they’re expecting construction for single-family… Read more
Pending Home Sales (signed contracts on existing homes) surged 8.3% from November to December, due in large part to falling mortgage rates per the NAR. Their Chief Economist, Lawrence Yun, noted that sales are expected to “rise significantly in each of the next two years” and he stressed that “increased supply will be essential to… Read more