Total existing-home sales-which are completed transactions that include single-family homes, townhomes, condos, and co-ops-dropped 6.4 percent in December compared to November. Sales are now down 10.3 percent from a year ago, according to the National Association of REALTORS’ existing-home sales report, released Tuesday.
Now, with mortgage rates lower, some revival in home sales is expected going into spring." But the drop in sales didn’t really affect the price buyers were willing to pay for a home. The median sale price of all existing homes increased 2.9 percent over December 2017. In fact, the median home price has now risen for 82 consecutive months.
From the WSJ: U.S. Existing Home Sales Plunge in November. Sales of previously owned homes plummeted in November as delays caused by new mortgage red-tape and a dwindling supply of residences on the market pushed down sales to a level not seen since April 2014.
· Existing home sales jumped 5.6 percent from October to 5.81 million units in November at a seasonally adjusted annual rate (SAAR), according to the National Association of Realtors (NAR). It was the largest number of existing home sales since December 2006.
U.S. Existing Home Sales Plunge To Nearly Three-Year Low In September U.S. existing home sales unexpectedly Jump 1.9% In november mortgage loan Rates Show Small Moves as New Applications Drop Again $12 million jackie gleason Home Is Week’s Most Viewed US housing recovery: Ten years after the bubble burst
Existing home sales plunged in November. According to the NAR, the pace of sales fell by 6.1%, to an annualized rate of 4.93 million units. Wall Street had been expecting sales to fall 1.1% to 5.20 million units. T oday’s numbers showed the largest drop since July 2010.. Economists had a mix of reactions to the data:
With spiking mortgage rates, and tumbling mortgage applications, it is hardly surprising that existing home sales tumbled in December but the 2.8% plunge is the biggest since July and is the worst decline for December since 2009.
According to the data released by NAR, existing home sales dropped 1.2 percent to a seasonally adjusted annual rate of 4.94 million units during the month of January. This was the lowest level since.