Existing Home Sales - More Mustard Coming Off
From yesterdays Market Soapbox: "Existing Home Sales -2.8% @ 6.56M, the 5th straight monthly decline and the lowest in two years.
YOY sales are down 5.2%. Unsold inventory +2.4% @ 2.91M, the largest supply since 1998. The mustard is coming off the hot dog slowly but surely."
Inside the number: YOY Sales Western Region -14.4%; Northeast Region -13.2%.
The National, Midwest, Northeast and West regions annual sales rate has declined 5 straight months as the national inventory level has swelled 35.7% YOY. Yet, the national median price has increased 11.6% YOY.
From the California Association of Realtors: Sales of existing, single-family detached homes in California totaled 500,470 at a seasonally adjusted annualized rate in January, down 24.1% YOY and 5.9% from December.
The declines reflect a weakening in consumer confidence, and a rise in mortgage interest rates which have sidelined nervous home buyers.
Mortgage brokers and real estate brokers have seen a steady decline in business as overall activity has decreased.
Yet, the median price of an existing, single-family detached home in California was $551,300 in January, up 13.8% YOY and 0.5% from December.
The inventory of homes for sale could swell farther as new homes nearing completion come on the market, and as home owners who believe mortgage rates will head higher rush to list houses before financing tightens.
Full Article from CNN
Full Report from National Association of Realtors
YOY sales are down 5.2%. Unsold inventory +2.4% @ 2.91M, the largest supply since 1998. The mustard is coming off the hot dog slowly but surely."
Inside the number: YOY Sales Western Region -14.4%; Northeast Region -13.2%.
The National, Midwest, Northeast and West regions annual sales rate has declined 5 straight months as the national inventory level has swelled 35.7% YOY. Yet, the national median price has increased 11.6% YOY.
From the California Association of Realtors: Sales of existing, single-family detached homes in California totaled 500,470 at a seasonally adjusted annualized rate in January, down 24.1% YOY and 5.9% from December.
The declines reflect a weakening in consumer confidence, and a rise in mortgage interest rates which have sidelined nervous home buyers.
Mortgage brokers and real estate brokers have seen a steady decline in business as overall activity has decreased.
Yet, the median price of an existing, single-family detached home in California was $551,300 in January, up 13.8% YOY and 0.5% from December.
The inventory of homes for sale could swell farther as new homes nearing completion come on the market, and as home owners who believe mortgage rates will head higher rush to list houses before financing tightens.
Full Article from CNN
Full Report from National Association of Realtors
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