Price gains are moderating, and the total number of sales listings is increasing, a marked change from roughly three years' worth of annual declines in inventory. But the sales momentum is increasingly concentrated on homes worth more than $500,000, while sales of homes worth less than $250,000 have tumbled over the past year. … [Read more...] about US Home Sales Flat in August, Down Over Past 12 Months
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Hurricane Florence dragged sales in North Carolina, but even excluding the storm's effects, sales would have fallen more than 2 percent, the NAR said. After reaching the highest level in a decade last year, sales of existing homes have declined steadily in 2018 amid rapid price increases, higher mortgage rates and a tight supply of available houses. … [Read more...] about Home Sales Fell in September to Slowest Pace in 3 Years
"It is increasingly apparent that homes are getting too expensive to afford both on price and on financing costs," said Chris Rupkey, chief economist at MUFG in New York. "One thing is for certain, the economy cannot grow at a sustainable 3 percent pace for long if new home sales continue to tumble." … [Read more...] about U.S. new home sales near two-year low as mortgages rates rise
The National Association of Realtors said Monday that sales of existing homes fell 0.6 percent in June, the third consecutive monthly decline. A shortage of listings and rising prices has contributed to a dip of 2.2 percent in existing home sales in the past year. … [Read more...] about New-home sales fall 5.3 pct in June … a warning light?
The housing market is being constrained by higher mortgage rates as well as land and labour shortages, which have led to tight inventory. Though house price inflation has slowed significantly, it continues to outpace wage growth, sidelining some first-time homebuyers. … [Read more...] about U.S. existing home sales rise; trend weak