The U.S. Census Bureau will report new home sales on Thursday, December 27. The post Forecast for Existing and New Home Sales (November 2018) appeared first on Zillow Research.
The pace of exising home sales plunged 6.1% in November to an annualized rate of 4.93 million units. This was much worse than expected. Economists had forecast the pace of sales declined 1.1% to 5.20.
Investing.com – U.S. existing home sales fell sharply in November to hit the lowest level in 19 months, dampening optimism over the health of the housing market, industry data showed on Tuesday.
Existing home sales, which were already at a 7-1/2 year low in November and down 7.0 percent from a year earlier are now 10.3 percent lower than from the 5.56 percent pace last December.
That is the lowest December sales pace since 2007. From November to December, sales of new and existing houses and condominiums in the. WASHINGTON (AP) – Home sales plunged sharply in November, as buyers faced rising prices and new regulations that might have delayed some closings.
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Existing-home sales in November increased 1.9% from October to a seasonally adjusted rate of 5.32 million in November, down 7.0% from a year earlier, the National Association of Realtors reported.
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Existing home sales across the US drop 7% from a year ago, plunge 15.4% in the West. Sales of existing homes – including single-family houses, townhouses, condos, and co-ops – in November, dropped 7.0% from November last year, to a seasonally adjusted annual rate (SAAR) of 5.32 million homes, according to the National Association of Realtors this morning.
November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.
With spiking mortgage rates, and tumbling mortgage applications, it is hardly surprising that existing home sales tumbled in December but the 2.8% plunge is the biggest since July and is the worst decline for December since 2009.