NAR is forecasting existing-home sales of 5.25 million for 2015, the highest in nine years.
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As mortgage rates are expected to rise to 4.35 percent for a 30-year fixed loan by the end of 2016, it makes sense that about two-thirds of renters think it would be very or somewhat hard to obtain a mortgage.
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By region, November home sales decreased by 3% to an index score of 91.8 in the Northeast and is now 4.3% higher than in November of 2014. The upward revisions to last month’s data boosted the yoy rise to 5.1% over consensus exxpectations of 4% yoy increase.
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Pending home sales measure signed real estate contracts. According to the National Association of Realtors, however, the drop in November was not a reflection of weaker demand but rather new regulations that disrupted the purchase pipeline and extended the closing process by about five days. Signed contracts last month fell in the Northeast and West market, while rising slightly in the Midwest and South.
The combined share of all distressed property sales (REOs and short sales) edged up in November to 6.6 percent of total sales but was down from 9.1 percent a year ago.
Pending home sales in the South increased 1.3 percent to an index of 119.9 in November and are 0.5 percent higher than last November.
The index, which is based on contract signings, remains 2.7 percent above the November 2014 level, however.
More than one in four homes (27 percent) closed above asking price in November, and 40 percent closed below asking price.
The 40 percent of homes that sold below asking price sold for an average of 13 percent below asking price in November, up from 12 percent in October and up from 12 percent in November 2014.
Both current homeowners (82 percent) and renters (68 percent) said they feel positively about the market and that it’s a good time to buy a home. At the same time, we are finally beginning to see more growth in single-family construction and new home sales, so the share of home sales represented by new construction is slowly edging up.
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“There is some softness creeping into the housing market”, said Thomas Costerg, a senior USA economist at Standard Chartered Bank in NY.
