Tag Archives: Existing-Home Sales

“While the NFCI Credit index indicated that credit tightened in March, which reduced housing market potential, the credit tightening was modest and far from recent pandemic lows, and certainly nothing like the Great Financial Crisis period,” said Mark Fleming, Chief Economist at First American.

“The spring season is typically the busiest time of the year for the housing market,” said Mark Fleming, Chief Economist at First American.

"Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines," said NAR Chief Economist Lawrence Yun.

According to a new Zillow survey, starting next year, experts foresee price growth picking back up at an average clip of 3.5% per year through 2027.

Existing-home sales have declined 0.7% month-over-month from December 2022, and 36.9% year-over-year, as the median existing-home sales price rose 1.3% from one year ago to $359,000.

After a historic decline in mortgage rates last week, a second consecutive week of rate drops has given way to a 2.2% rise in overall mortgage applications.

NAR reports that existing-home sales nationwide faded for the ninth straight month to a seasonally adjusted annual rate of 4.43 million.

In September 2022, existing-home sales fell for the eighth consecutive month. “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today," said Lawrence Yun, Chief Economist for NAR.

Single-family starts in 2022 are projected to hit an 11-year low, as builder confidence falls to its lowest level in more than a decade.

First American Financial Corporation has released the First American’s proprietary Potential Home Sales Model for the month of August 2022. The Potential Home Sales Model measures what the ...