Home sales leveling off | Katonah NY Real Estate

The number of Americans who signed contracts to buy existing homes in November
was essentially unchanged from October, suggesting sales are stabilizing after
several months of declines.

The National Association of Realtors said
Monday that its seasonally adjusted pending home sales index ticked up to 101.7
from 101.5 in October. The October figure was revised lower from an initial
reading of 102.1.

Higher mortgage rates and strong price gains over the
past two years have slowed sales. The pending home sales index had fallen for
five straight months before November. And completed sales of existing homes fell
for three straight months, the Realtors said earlier this month. There is
generally a one- to two-month lag between a signed contract and a completed
sale.

“Bottom line, it’s clear that the rise in mortgage rates slowed
the pace of improvement in the housing market in addition to double digit price
increases and tough lending standards, which have put a pause particularly on
those buying a home with a mortgage,” said Peter Boockvar, chief market analyst
with The Lindsey Group, in a research note.

The average interest rate on
a 30-year mortgage edged higher to 4.48 percent last week, from 4.47 percent the
previous week. Rates jumped about 1.25 percentage points from May through
September, peaking at 4.6 percent.

 

 

http://www.cbsnews.com/news/home-sales-leveling-off/

Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

Recent Posts

Out of Sevice with brain injury since November.

Just back out of hospital in early March for home recovery. Therapist coming today.

1 year ago

Existing home sales down 28% | Katonah Real Estate

Sales fell 5.9% from September and 28.4% from one year ago.

1 year ago

Single-Family Housing Contraction Continues | Bedford Hills Real Estate

Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.43 million units in…

1 year ago

Closed Median Sale Price in Hudson Valley/NYC Markets Declined by 2.50% in October | Bedford Real Estate

OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease…

1 year ago

Building Materials Prices Decline for Second Consecutive Month | Pound Ridge Real Estate

The prices of building materials decreased 0.2% in October

1 year ago

Mortgage rates drop with inflation drop | Bedford Corners Real Estate

Mortgage rates went from 7.37% yesterday to 6.67% as of this writing.

2 years ago

This website uses cookies.