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Pending home sales fall to their lowest level in two decades

Housing Wire

Pending home sales in October fell to their lowest level since 2001. Meanwhile, new home sales posted a better performance as homebuyers pivoted to new construction amid waning existing home supply. As mortgage rates edged near multi-decade highs, pending home sales declined 1.5% down from 72.6 in September. New home sales fell 5.6%

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Pending home sales surged in December: NAR

Housing Wire

For comparison, the index is benchmarked at a reading of 100 based on 2001 contract activity. The trade group also predicts that rent growth will ease due to sizable growth in apartment construction over the past three years. NAR’s Pending Home Sales Index (PHSI) increased to 77.3 in December, up from 71.6 in November. year over year.

Contracts 454
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Pending home sales fall 38% in November

Housing Wire

“Falling home sales and construction have hurt broader economic activity.”. An index of 100 is equal to the level of contract activity in 2001. Year over year, the Pending Home Sales Index was down 37.8%, marking the 18 th consecutive month of annual declines.

Contracts 496
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Pending home sales fell 2.7% in May though demand remains strong

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. It is encouraging that homebuilders have ramped up production, but the supply from new construction takes time and remains insufficient,” added Yun. Year over year, pending home sales were down 22.2%, a larger decrease than the 20.3% annual drop recorded in April.

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Employment gains could help housing inventory

Housing Wire

Sectors that were hit hardest by the pandemic led job growth last month, with jumps in leisure, hospitality, public and private education and construction – good signs for the housing industry. For housing, March gained 110,000 jobs in construction – a positive sign in an industry struggling with supply constraints. Labor Department.

Inventory 501
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Pending home sales jump again in January, but don’t get too excited

Housing Wire

Buyers responded to better affordability from falling mortgage rates in December and January,” Lawrence Yun, NAR’s chief economist, said in a statement. An index of 100 is equal to the level of contract activity in 2001. The NAR attributes this to the rising costs of land and construction materials. “In After posting a 2.5%

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Pending home sales rose 0.3% in June, the first increase in 3 months

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next.” On the flip side, newly constructed home sales are forecast to increase 12.3% in 2023, settling at 4.38