U.S. Existing Home Sales Fall for 4th Straight Month in May While Prices Skyrocket
U.S. Existing Home Sales Fall for 4th Straight Month in May While Prices Skyrocket
Abstract
The median price for an existing home rose to a record $407,600, up 14.8% from May 2021. The number of homes on the market rose 12.6% to 1.16 million units in May. This is still down 4.1% from one year ago. The housing sector is starting to soften, after running red-hot during the coronavirus pandemic. Borrowing costs are surging. The next few months of data will reflect the impact of higher mortgage rates and higher mortgage rate.
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The numbers: U.S. existing-home sales fell 3.4% to a seasonally adjusted annual rate of 5.41 million in May, the National Association of Realtors said Tuesday. Compared with May 2021, home sales were down 8.6%. The decline was in line with the forecast of economists polled by the Wall Street Journal. This is the fourth straight monthly decline and comes as mortgage rates have spiked and prices have risen. Key details: The median price for an existing home rose to a record $407,600, up 14.8% fr...
The numbers: U.S. existing-home sales fell 3.4% to a seasonally adjusted annual rate of 5.41 million in May, the National Association of Realtors said Tuesday. Compared with May 2021, home sales were down 8.6%. The decline was in line with the forecast of economists polled by the Wall Street Journal. This is the fourth straight monthly decline and comes as mortgage rates have spiked and prices have risen. Key details: The median price for an existing home rose to a record $407,600, up 14.8% fr...
The numbers: Existing-home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million in April, the National Association of Realtors said Thursday. Compared with April 2021, home sales were down 5.9%. Economists polled by the Wall Street Journal had expected an decrease to 5.64 million units. This is the third straight monthly decline and comes as mortgage rates have spiked and prices have risen. Key details: Scarcity of homes for sale continued to be a major factor. The total invent...
The numbers: Existing-home sales fell 2.4% to a seasonally adjusted annual rate of 5.61 million in April, the National Association of Realtors said Thursday. Compared with April 2021, home sales were down 5.9%. Economists polled by the Wall Street Journal had expected an decrease to 5.64 million units. This is the third straight monthly decline and comes as mortgage rates have spiked and prices have risen. Key details: Scarcity of homes for sale continued to be a major factor. The total invent...
The numbers: U.S. existing-home sales fell 5.4% to a seasonally adjusted annual rate of 5.12 million in June, the National Association of Realtors said Wednesday. Economists polled by the Wall Street Journal were expecting sales to be 5.36 million. This is the weakest level of sales since June 2020, during the COVID-19 lockdown. Outside of the pandemic, the sales number weakest since January 2019. Compared with June 2021, home sales were down 14.2%. This is the fifth straight monthly decline an...
The numbers: U.S. existing-home sales fell 5.4% to a seasonally adjusted annual rate of 5.12 million in June, the National Association of Realtors said Wednesday. Economists polled by the Wall Street Journal were expecting sales to be 5.36 million. This is the weakest level of sales since June 2020, during the COVID-19 lockdown. Outside of the pandemic, the sales number weakest since January 2019. Compared with June 2021, home sales were down 14.2%. This is the fifth straight monthly decline an...
The numbers: U.S. existing-home sales fell 0.4% to a seasonally adjusted annual rate of 4.8 million in August, the National Association of Realtors said Wednesday. This is the seventh straight monthly decline. Economists polled by the Wall Street Journal were expecting a steeper decline in existing-home sales to 4.68 million. This is the lowest level of existing home sales since May 2020, during the pandemic downturn. Excluding the recession, the level of sales activity was lowest since November...
The numbers: U.S. existing-home sales fell 0.4% to a seasonally adjusted annual rate of 4.8 million in August, the National Association of Realtors said Wednesday. This is the seventh straight monthly decline. Economists polled by the Wall Street Journal were expecting a steeper decline in existing-home sales to 4.68 million. This is the lowest level of existing home sales since May 2020, during the pandemic downturn. Excluding the recession, the level of sales activity was lowest since November...
The numbers: U.S. existing-home sales fell 5.9% to a seasonally adjusted annual rate of 4.81 million in July, the National Association of Realtors said Wednesday. This is the sixth straight monthly decline. The sales number matched what economists polled by the Wall Street Journal were expecting. This is the weakest level of sales since May 2020 at the end of the recession caused by the pandemic. Excluding the recession, the level of sales activity was lowest since November 2015. Compared with...
The numbers: U.S. existing-home sales fell 5.9% to a seasonally adjusted annual rate of 4.81 million in July, the National Association of Realtors said Wednesday. This is the sixth straight monthly decline. The sales number matched what economists polled by the Wall Street Journal were expecting. This is the weakest level of sales since May 2020 at the end of the recession caused by the pandemic. Excluding the recession, the level of sales activity was lowest since November 2015. Compared with...
The numbers: An index of pending U.S. home sales slumped 3.9% in April and fell for the sixth month in a row, signaling a sharp slowdown in the real estate market due to record home prices and rising mortgage rates. The index reflects transactions in which a contract has been signed for the purchase of a previously owned home, but the sale has not yet closed. Economists view the index as a bellwether for future home sales. The report is published by the National Association of Realtors. Key de...
The numbers: An index of pending U.S. home sales slumped 3.9% in April and fell for the sixth month in a row, signaling a sharp slowdown in the real estate market due to record home prices and rising mortgage rates. The index reflects transactions in which a contract has been signed for the purchase of a previously owned home, but the sale has not yet closed. Economists view the index as a bellwether for future home sales. The report is published by the National Association of Realtors. Key de...
Home Sales Fall For The Seventh Straight Month In August Unsold inventory sits at a 3.2-month supply at the current sales pace.Getty Images Unsold inventory sits at a 3.2-month supply at the current sales pace. Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of Realtors. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other...
Home Sales Fall For The Seventh Straight Month In August Unsold inventory sits at a 3.2-month supply at the current sales pace.Getty Images Unsold inventory sits at a 3.2-month supply at the current sales pace. Existing-home sales experienced a slight dip in August, marking the seventh consecutive month of declines, according to the National Association of Realtors. Month-over-month sales varied across the four major U.S. regions as two regions recorded increases, one was unchanged and the other...
The numbers: Construction started on new U.S. homes fell a seasonally adjusted 2% in June to 1.56 million, the Commerce Department said Tuesday. The annual rate of total housing starts fell 6.3% from the previous year. Construction on homes is at the lowest level since last September. Economists polled by the Wall Street Journal expected housing starts to rise to a 1.59 million rate from June’s initial estimate of 1.55 million. In May, housing starts were revised from a drop of 14.4% to 1.55 ...
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Dive Brief:
Nonresidential construction input prices dipped for a second consecutive month in August, providing more evidence that construction material costs peaked in June and supporting newfound optimism in the sector.
Prices for steel mill products, crude petroleum and softwood lumber were down 5.7%, 5.3% and 3.1%, respectively, for the month, while cost for all nonresidential supplies moderated 1.4%, according to an Associated Builders and Contractors analysis of Bureau of Labor Statist...
Dive Brief:
Nonresidential construction input prices dipped for a second consecutive month in August, providing more evidence that construction material costs peaked in June and supporting newfound optimism in the sector.
Prices for steel mill products, crude petroleum and softwood lumber were down 5.7%, 5.3% and 3.1%, respectively, for the month, while cost for all nonresidential supplies moderated 1.4%, according to an Associated Builders and Contractors analysis of Bureau of Labor Statist...
CNBC's Diana Olick joins 'Squawk on the Street' to report on realtors pending home sales being down for the sixth-straight month.
CNBC's Diana Olick joins 'Squawk on the Street' to report on realtors pending home sales being down for the sixth-straight month.