Eye On Housing
Author Archives
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Pending Home Sales See Biggest Increase on Record in May
After two months of sharp decline, pending home sales surged the most on record in May, as homebuyers rushed back to the market after the phased reopening of the economy. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI edged up 44.3% from 69.0 in… Read More ›
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Existing Home Sales Drop for a Third Month
Existing home sales, as reported by the National Association of Realtors (NAR), fell for the third straight month in May as the coronavirus pandemic shut down much of the country’s economic activity and hit the labor market. However, because existing sales are a reflection of closed contracts, sales likely reached a recession low point in the May data. Total existing… Read More ›
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Economic Well-Being of U.S. Households
The Federal Reserve Board recently released its Report on the Economic Well-Being of U.S. Households. The report provided results from the responses to the 2019 Survey of Household Economics and Decisionmaking (SHED), as well as from responses to a follow-up survey conducted in April 2020. Surveyed items included income, employment, dealing with expenses, banking and credit, housing, education, and retirement…. Read More ›
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Pending Home Sales Fall in April
Following a considerable drop last month, pending home sales fell for a second straight month in April, as economic and social activities were significantly reduced. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI plunged 21.8% from 88.2 in March to 69.0 in April, the… Read More ›
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Existing Home Sales See Largest Drop in Nearly 10 Years
Existing home sales, as reported by the National Association of Realtors (NAR), fell for the second straight month in April as the coronavirus pandemic shut down much of the country’s economic activity and hit the labor market. Total existing home sales, which includes single-family homes, townhomes, condominiums and co-ops, dropped 17.8% to a seasonally adjusted annual rate (SAAR) of 4.33… Read More ›
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Pending Home Sales Sank 20.8% in March
After hitting 3-year high in February, pending home sales plunged sharply to its lowest level in March since May 2011, as coronavirus pandemic shut down most economic activity. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI sank 20.8% from 111.4 in February to 88.2… Read More ›
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Existing Home Sales Tumble in March
After reaching 13-year high last month, existing home sales, as reported by the National Association of Realtors (NAR), plummeted in March as expected due to the coronavirus outbreak. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, dropped 8.5% to a seasonally adjusted annual rate of 5.27 million in March, largest monthly decline since November 2015. On a… Read More ›
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Consumer Confidence Drops Sharply in March
After four consecutive months of gains, consumer confidence fell to near a three-year low in March due to a deterioration in the short-term outlook. The Consumer Confidence Index, reported by the Conference Board, slipped 12.6 points from 132.6 to 120.0 in March, the lowest reading since September 2017, as intensive coronavirus outbreak and extreme volatility in the financial markets have… Read More ›
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Pending Home Sales Reach 3-Year High Before Virus Outbreak
Following an 5.3% increase in January, pending home sales continued to trend higher in February, supported by low mortgage rates. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI grew 2.4% from 108.9 in January to 111.5 in February, the highest reading in three years…. Read More ›
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Existing Home Sales Hits 13-Year High in February
Supported by historically low interest rates and rising demand, existing home sales, as reported by the National Association of Realtors (NAR), surged to 13-year high in February after a slight decline in January. Unfortunately, this will mark the high water mark for some time due to virus concerns. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, rose 6.5%… Read More ›