{"id":10372,"date":"2023-12-29T06:16:41","date_gmt":"2023-12-29T06:16:41","guid":{"rendered":"https:\/\/imsfund.com\/?p=10372"},"modified":"2023-12-29T06:16:41","modified_gmt":"2023-12-29T06:16:41","slug":"november-pending-home-sales-unchanged-despite-lower-mortgage-rates","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/12\/29\/november-pending-home-sales-unchanged-despite-lower-mortgage-rates\/","title":{"rendered":"November pending home sales unchanged, despite lower mortgage rates"},"content":{"rendered":"


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Pending home sales in November were unchanged compared with October and 5.2% lower than November of last year, according to the National Association of Realtors.<\/p>\n

The reading, which is based on signed contracts during the month, is a forward-looking indicator of closed sales as well as the most current look at what potential homebuyers are thinking.<\/p>\n

Mortgage rates are key in this report, with the average rate on the 30-year fixed mortgage soaring over 8%<\/a> in mid-October before dropping sharply<\/a> to 7.5% in the first week of November, according to Mortgage News Daily. It ended the month around 7.25%.<\/p>\n

Analysts had expected the drop to cause a slight gain in pending sales, but apparently it wasn’t enough, given steep home prices and tight supply.<\/p>\n

“Although declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,” said Lawrence Yun, NAR’s chief economist.<\/p>\n

Regionally, pending sales rose 0.8% month over month in the Northeast and 0.5% in the Midwest. Sales made a stronger 4.2% gain in the West \u2014 where prices are highest and a drop in mortgage rates would have the largest impact \u2014 and fell 2.3% in the South. Pending sales were lower in all regions in November compared with same month in 2022.<\/p>\n

Mortgage rates are now solidly in the mid-6% range<\/a>, but the supply of homes for sale is still very low. Builders are ramping up production, but new homes come at a price premium. Prices for existing homes continue to rise<\/a>.<\/p>\n

“With mortgage rates falling further in December \u2013 leading to savings of around $300 per month from the recent cyclical peak in rates \u2013 home sales will improve in 2024,” Yun added.<\/p>\n

Don’t miss these stories from CNBC PRO:<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Pending home sales in November were unchanged compared with October and 5.2% lower than November of last year, according to the National Association of Realtors. The reading, which is based on signed contracts during the month, is a forward-looking indicator of closed sales as well as the most current look at what potential homebuyers are […]<\/p>\n","protected":false},"author":5,"featured_media":10373,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107341930-1701442356419-gettyimages-1823257059-js1_5705_e7pstkjh.jpeg?v=1701445108&w=1920&h=1080","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-10372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=10372"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10372\/revisions"}],"predecessor-version":[{"id":10374,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10372\/revisions\/10374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/10373"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=10372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=10372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=10372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}