Elevated mortgage rates continued to curb homebuyer activity in May, NAR reported. As inventory increases in upcoming months, slower home price growth will follow, and likely more buyers hitting the market.
Contract signings fell 7.7 percent between March and April to a score of 72.3 on the Pending Home Sales Index last month, according to data released Thursday by the National Association of Realtors.
Homes at the higher end of the market — priced at $1 million or more — enjoyed the spoils with inventory and sales rising by double digits from a year ago, according to data released Wednesday by NAR.
Low inventory drove prices higher nationwide despite some of the highest mortgage rates in decades, National Association of Realtors Chief Economist Lawrence Yun said on Wednesday.
Existing-home sales retreated 4.3 percent between February and March to a seasonally adjusted annual rate of 4.19 million, according to data released Thursday by the National Association of Realtors.
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November's numbers show pending sales didn't move compared to October, but lower rates did apparently lead to more lockbox openings — hinting that better days lie ahead.
Existing sales fell 4.1 percent in October to an annual rate of 3.79 million, the lowest since 2010, according to data from NAR. Nonetheless, multiple offers are still happening, economist Lawrence Yun said.
The Pending Home Sales Index, representing the number of homes that went under contract, rose 1.1 percent between September and August.
Sales of existing homes slid 0.7 percent between July and August to a seasonally adjusted annual rate of 4.04 million but held steady in the Northeast and rose in the Midwest.
A rising tide of economists are backing away from early forecasts that the U.S. is very likely to enter a recession later this year or by the first quarter of 2024. But some still see dark clouds ahead.
Homes under contract inched up 0.3 percent between May and June to a measure of 76.8 on the Pending Home Sales Index, according to data released Thursday by the National Association of Realtors.