Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Existing Home Sales Unexpectedly Tumble In November

Courtesy of ZeroHedge View original post here.

With homebuilder sentiment at 20 year highs, but mortgage applications stumbling, today's first glimpse at November US home sales data will be the tie-breaker on how the housing market is doing.

And the news is not good – existing home sales fell 1.7% MoM (worse than the 0.4% decline expected) and are up just 2.7% YoY (despite a huge decline in mortgage rates YoY).

Source: Bloomberg

In October, existing homes were the only cohort that saw sales increase (New- and Pending-sales dipped), but that is gone now and November saw sales fade…

Source: Bloomberg

The median sales price rose 5.4% from a year earlier to $271,300 – the highest November price on record – and the number of homes available in November fell 7.3% from a year earlier to 1.64 million, a record low for the month, NAR’s data showed.

“America is facing a housing shortage and affordability challenges,” though demand remains solid, Jessica Lautz, the NAR’s vice president of demographics, said at a briefing in Washington.

“More inventory is needed at the lower end and price reductions may be needed at the higher end.”

Sales last month declined in the South, the nation’s largest region, to an annualized 2.24 million pace, the slowest since the start of the year; purchases also declined in the West.

The question is – with The Fed now "on hold", and the world convinced growth/inflation has troughed in the cycle, what happens to home sales if rates start to rise?

Source: Bloomberg

Get back to work Mr.Powell.

 

 

Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!