Pending home sales rose in May, but economists say it’s just a blip

Pending home sales increased in May, breaking a streak of six successive monthly declines, but the National Association of Realtors said it is likely a blip and that sales will continue to fall as the year progresses. The NAR’s latest data shows that contract signings, which are a forward indicator of home sales based on

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Economist warns of ‘inevitable’ slowdown in home price appreciation

A top economist has warned sellers that a slowdown in home price appreciation is all but inevitable as the economy falters. In an interview with CNBC, National Association of Realtors’ chief economist Lawrence Yun said that the housing market is already showing signs of slowing down, with rising mortgage rates adding to already high prices

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NAR: Pending home sales fall in November

Overall pending home sales in the U.S. fell in November as multiple markets struggle with record low inventories of homes for sale. Even so, economists say they’re optimistic that buyers will have more opportunities to buy a home next year. The National Association of Realtors reported that its Pending Home Sales Index dropped 2.2% in

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Winter home sales will be hot, economists believe

Real estate experts believe the housing market could be unseasonably hot this winter, with above-normal levels of home buying activity. Lawrence Yun, chief economist of the National Association of Realtors, said he fully expects sales activity this winter to be stronger than compared to past years. “This winter there will be more sales compared to

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Low inventories led to home sales decline last month, the NAR says

Existing home sales surprisingly reversed course in February, falling by 6.6% compared to the previous month, following several sharp monthly gains. That’s according to the National Association of Realtors, which said in a report that the sales dip is primarily due to low inventories of existing homes for sale in the U.S. However, the NAR’s

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NAR says contract signings fell 16% in March

The National Association of Realtors said that contract signings fell significantly in March as many housing markets paused due to the coronavirus pandemic. The new figures came in the NAR’s latest Pending Home Sales Index, which is a forward-looking indicator based on contract signings. It said the Index fell by 20.8% in March compared to

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Future housing permits at their highest level in 13 years

January saw total housing starts fall by 3.6%, but economists were more focused on home building permits, which are a gauge of future house building. And what they saw left them upbeat about what could be coming, as housing permits rose to their highest level since March 2007. Even so, the dip in housing starts

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New home sales hit 12-year high

New home sales enjoyed their best three-month performance since 2007 after seeing a big uptick in November, according to U.S. Commerce Department data published Monday. Economists say low mortgage rates and unemployment combined with strong sales growth led to the boost in sales. All told, sales of new single-family homes jumped 1.3% in November to

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Housing markets will do just fine in a recession, economists say

Consumer fears of a recession are growing, and experts say it could cause some Americans to get skittish about possible knock-on effects on the housing market. One reason for that is many Americans remain haunted by memories of the Great Recession last decade, which caused thousands to lose their homes to foreclosure. But experts say

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Home prices grow and affordability drops in Q2

Home values saw more gains in 91% of 178 U.S. metro areas during the second quarter, according to a new report from the National Association of Realtors published Wednesday. The data shows that the national median price for a single-family home came to $279,000 in Q2, up 4.3% from a year before. Nine-three of the

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