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Pending home sales jumped in September behind lower mortgage rates

Housing Wire

Lower mortgage rates in September had a measurable impact on home sales. According to data released Wednesday by the National Association of Realtors (NAR), pending home sales in September jumped 7.4% An index reading of 100 equates to sales activity in 2001. An index reading of 100 equates to sales activity in 2001. “A

Sales 476
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Home sales are stalled with 7% mortgages

Housing Wire

We counted 10% fewer home sales for the week than the same week a year ago. In the fourth quarter of 2024, sales were coming in at 5% to 10% more than the year prior. Those sales gains have evaporated and even reversed. This housing market is on hold until mortgage rates come down. When will that be? I have no idea.

Sales 397
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New-home sales hit highest level since 2021

Housing Wire

New home sales continue to be a bright spot in a dismal housing market. Census Bureau and Department of Housing and Urban Development shows new-home sales registering at a seasonally adjusted annual rate of 698,000, good for a 6.7% Even better, new home sales for the calendar year 2024 are estimated at 683,000, which is 2.5%

Sales 476
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Why new home sales are disappointing, despite beating estimates

Housing Wire

Todays new home sales report beat market expectations, just like last weeks existing home sales report. Without more clarity on mortgage rates , substantial growth in housing permits is unlikely. Without more clarity on mortgage rates , substantial growth in housing permits is unlikely. months at the current sales rate.

Sales 474
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New-home sales beat estimates but need a dose of reality

Housing Wire

With new-home sales growing since 2022, why are housing starts at recessionary levels? The big publicly traded builders have money to pay down mortgage rates and manage their pipelines better than smaller homebuilders. Then mortgage rates fell from 7.5% However, that was short-lived; mortgage rates are closer to 7% again.

Sales 488
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How are mortgage rates affecting housing demand?

Housing Wire

It has been almost two months since mortgage rates spiked again, and my initial thought was this would tank housing demand. We had a positive 18-week period with purchase applications before mortgage rates started rising in September. Initially, the data showed more robust performance as mortgage rates approached 6%.

Mortgages 514
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Rising mortgage rates zap builder confidence

Housing Wire

Todays housing starts data exceeded estimates; however, a closer examination of the report with the builder confidence reveals that the recent rise in mortgage rates , approaching 7.25%, has negatively affected builder sentiment. Since late 2022, our analysis indicates that mortgage rates in the 6%-6.5%

Mortgages 488