Debra Formo’s Post

Existing home sales are down 0.7 percent to 4.110 million units at a seasonally adjusted annual rate after an unrevised 4.14 million units in April. 

4 big takeaways: 1) Home sales dropped 4.3% in March - the largest decline in 16 months 2) Housing inventory increased to 1.1M units, but still below the pre-COVID 2M level 3) Single family home starts declined & new construction permits dropped to a 5-month low 4) March sales pace climbed to 3.2 months from 2.7 months LY, but below the 4-7 months which is considered healthy

DFW Home Prices are up ~3% YoY but some experts expect the market to cool while income increases and interest rates lower. "For some semblance of normalcy to return to the housing market, something has to give—mortgage rates need to decline, incomes rise, and/or house prices cool considerably,” Zandi wrote. The most likely scenario is that prices move “more-or-less sideways" for one to three years. That would allow corporate earnings and rents to catch up and valuations to normalize at least partially.” https://lnkd.in/gR-aF2Vp

Home Sales Fall 17.6% in Early 2023, Even as Prices Climb 0.3% The First National Bank's House Price Index shows a slowdown in housing sales is easing. In early 2024, home prices slightly increased, averaging N$1,229,776. However, transaction volumes are still down 17.6%. Experts say high interest rates and rising costs are making it hard for people to buy homes. Full article: https://lnkd.in/d--Kuite Source: The Brief Get all the latest updates on your phone 📲: https://lnkd.in/dGDrnG4B

Existing Home Sales, which measures closings on existing homes, fell 5.4% in June to an annualized pace of 3.89M units, which was worse than the 3% drop expected. Sales are now down 5.4% year over year

Sales Prices continue to rise! Case-Shiller Home Price Index (February 2024) National home prices remain “at or near all-time highs” per Case-Shiller, with February posting a seasonally adjusted 0.4% rise from January. Prices were also 6.4% higher than a year earlier, which is the fastest annual rate since November 2022. All 20 cities in the composite index saw annual price increases as strong demand and tight supply continue to push home values higher. #caseshiller #recordhomeprices #mbshighway #mbssocialshare David Korch Caliber Home Loans david.korch@newrez.com

Home sales are up in 2024, as the stats bear out. We think buyers are getting used to higher interest rates, and are deciding to make a move when it’s right for them, as opposed to timing the market.

The NAR's pending home sales index for February is up 1.6 percent to a reading of 75.6 after a negligible upward revision to 74.4 in January. 

🇺🇸 In May, the existing home sales in the U.S. were 4.11 million, slightly lower than the previous month's 4.14 million and above the estimated 4.08 million. The month-over-month change showed a decrease, with a 0.7% decline compared to the 1.9% drop in the previous period.

November existing home sales came in stronger than expected. Sales of previously owned homes in November rose 0.8% from the prior month to a seasonally adjusted annualized rate of 3.82 million units. Economists were expecting a fall of 0.8% to 3.76 million.