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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Existing home sales slipping into a 3-year low as housing market stumbles

Existing home sales slipping into a 3-year low as housing market stumbles



Figures: Existing housing sales are running at a seasonally adjusted annual rate of $ 4.99 million in December, the National Association of Realtors said Tuesday. It was the lowest since November 2015. Sales fell 6.4% a month and 10.3% lower than last year.

What happened: Sales of previously owned housing tumbled in December for housing. Full-year revenue for 2018, DKK 5.34 million, made it the worst year since 2015, when rising housing formation was paved by price changes.

Decembers sales decline missed the MarketWatch consensus forecast for sales of 5.10 million.

Big picture: The housing market wobbled badly last year. Now all eyes on the critical spring sale season are to determine if 201

8 was a fluke or the beginning of the cycle's end.

Although sales declined in December, stock also made. At the current sales rate, it will take 3.7 months to exhaust vacant supply, from 3.9 months in November. Property on the market averaged 46 days in December, from 42 days in November.

But demand is declining: the average selling price in December, $ 253,600, was only 2.9% higher than a year ago. No regions saw an increase in sales in December, and first-time buyers accounted for 32% of all transactions a month, which made no progress.

Read: Market correction or mid-speed bump? Here's what estate agents say about housing

What they say: In December, home exhibits were 7.2% lower than a year ago, the fifth straight month of annual decline, according to a ShowTime Report. The company's data comes from more than 1.2 million active listings that subscribe to its services. "Buyer traffic continues to decline across all regions of the United States compared to record numbers recorded at the same time last year," TIME shows in a statement. "This is potentially good news for buyers who see less competition in the market."

"In the short term, we think we could see a short period of stronger housing data," Bank of America Merrill Lynch economists said.

"The decline in mortgage rates is well timed ahead of spring sales. We suspect that potential homebuyers who may have been scared of the market during rising rates in the fall could see it as an opportunity to jump in. is the labor market currently very strong with a large number of job openings and upward pressure on wages. "

Market reaction: 10-year government bond note

TMUBMUSD10Y, -1.30%

as most fixed-rate mortgages have tracked a bid in recent weeks, has contributed to making mortgages more affordable to borrowers.

Read: 3 outside-the-box alternatives to home buyers in a hard housing market


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