Home Sales and Prices consists of blogs detailing existing home sales, new home sales, all cash sales, home prices and others.
Falling interest rates in the closing weeks of 2023 helped to bring buyers off the sidelines and provide a boost for new home sales. Sales of newly built, single-family homes in December increased 8.0% to a 664,000 seasonally adjusted annual rate from an upwardly revised reading in November, according to newly released data by the…
Existing home sales slipped in December, ending 2023 at the lowest level since 1995, according to the National Association of Realtors (NAR). In 2023, the decline was largely attributed to worsening housing affordability and persistently low supply, exacerbated by higher interest rates. Low inventory, along with strong demand, drove the median home price to a…
Elevated mortgage rates acted as a drag on new home sales in November, but with the economy now apparently past peak interest rates for this cycle, sales are expected to rise as we move into the new year. Sales of newly built, single-family homes in November fell 12.2% to a 590,000 seasonally adjusted annual rate,…
Existing home sales rose in November from a 13-year low, ending a five-month decline, according to the National Association of Realtors (NAR). This increase in sales was driven by a strong gain in the South, where homes are considered more affordable. Low inventory and strong demand continued to drive up existing home prices. However, recent…
Elevated mortgage rates that averaged 7.62% in October per Freddie Mac, the highest rate since 2000, depressed buyer demand and pushed down new home sales in October. Sales of newly built, single-family homes in October fell 5.6% to a 679,000 seasonally adjusted annual rate, following a notable downward revision in September, according to newly released…
Existing home sales in October fell to the lowest level since August 2010, as limited inventory and higher mortgage rates continued to weigh on homebuyers, according to the National Association of Realtors (NAR). Low resale inventory and strong demand continued to drive up existing home prices, marking the fourth consecutive month of year-over-year median sales…
NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the all-cash share of new home sales climbed substantially in the third quarter of 2023 while VA-backed sales share fell by nearly half. Additionally, the median purchase price of homes bought with cash surged by one-third over the quarter. After declining each…
