Tag Archives: existing home sales report

"Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation," said NAR Chief Economist Lawrence Yun.

Busy cities are abuzz with new apartment buildings, which are now going up at the fastest rate recorded in decades. This new report spotlights the regions where multifamily construction is surging to keep up with demand.

“The steep decline in sales driven by the rapid rise in mortgage rates seems to be behind us, as the initial shock of higher mortgage rates has worn off,” said Mark Fleming, the Chief Economist for First American Financial Corporation.

"The inventory situation is unique—we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers' confidence should strengthen, helping boost market activity," says Nick Bailey, President and CEO of RE/MAX LLC.

Based on the current rate of sales, May’s inventory of unsold existing homes grew 3.8% from April to just over 1 million units, equivalent to three months of supply.

Potential home sales decreased on a monthly and yearly basis, due in part to low inventory. Click through to find out how that affects future sales.

As the summer buying season approaches, the National Association of Realtors expects pending home sales numbers to make further incremental increases this year.

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.

Continuing a pattern of recent rises and declines over the last few months, existing home sales dropped in February 2022 according to the Existing Home Sales Report from ...

Closing the books on 2021, The National Association of Realtors (NAR) has reported that, during the month of December, existing-home sales declined 4.6% from November, to a seasonally adjusted annualized rate of 6.18 million, snapping a three-month ...