{"id":2177,"date":"2023-04-27T18:15:53","date_gmt":"2023-04-27T18:15:53","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/04\/27\/pending-home-sales-fall-for-the-first-time-since-november\/"},"modified":"2023-04-27T18:15:53","modified_gmt":"2023-04-27T18:15:53","slug":"pending-home-sales-fall-for-the-first-time-since-november","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/04\/27\/pending-home-sales-fall-for-the-first-time-since-november\/","title":{"rendered":"Pending Home Sales Fall for the First Time Since November"},"content":{"rendered":"

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The numbers:<\/strong>\u00a0Contract signings on U.S. homes fell for the first time since last November, as buyers faced a tough market in March due to an undersupply of houses.<\/p>\n

U.S. pending-home sales fell 5.2% in March, according to the monthly index released Thursday by the National Association of Realtors (NAR).<\/p>\n

Sales dropped for the first time since November 2022. At the time, buyers had sharply pulled back as mortgage\u00a0rates exceeded 7%<\/a>.<\/p>\n

Sales fell far further than what Wall Street expected in March. Economists polled by the Wall Street Journal were expecting pending home sales to rise 0.5%.<\/p>\n

Pending home sales reflect transactions where the contract has been signed for an existing-home sale, but the sale has not yet closed.\u00a0Economists view it as an indicator for the direction of existing-home sales in subsequent months.<\/p>\n

Key details:<\/strong> Compared to a year earlier, transactions were down by 23.2%.<\/p>\n

On a monthly basis, only the U.S. South saw an uptick in pending home sales of 0.2%.<\/p>\n

The NAR said a third of all home listings were seeing multiple bids, and 28% were selling above list price. Realtors also expect the 30-year mortgage rate to drop to 6% this year, and 5.6% in 2024.<\/p>\n

Big picture:<\/strong>\u00a0Buyers, who are already sensitive to mortgage rates, are hurt even more by the underlying structural problem of low inventory. Some have turned to new homes,\u00a0boosting sales for builders<\/a>. But expensive homes and high mortgage rates will push\u00a0home prices down for the year<\/a>, Vanguard believes, by as much as 5% year-over-year.<\/p>\n

What the realtors said:<\/strong> \u201cThe lack of housing inventory is a major constraint to rising sales,\u201d NAR Chief Economist Lawrence Yun said. \u201cLimited housing supply is simply not meeting demand nationally.\u201d<\/p>\n

Yun expects existing-home sales to drop on a year-over-year basis in 2023 by 9.3% to 4.56 million.<\/p>\n

Then, he added, sales will rise recover, rising by 15.4% to 5.26 million.<\/p>\n

Market reaction:<\/strong> U.S. stocks were up in early trading on Thursday. The yield on the 10-year Treasury note\u00a0rose above 3.5%.<\/p>\n

The post Pending Home Sales Fall for the First Time Since November<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images The numbers:\u00a0Contract signings on U.S. homes fell for the first time since last November, as buyers faced a tough market in March due to an undersupply of houses. U.S. pending-home sales fell 5.2% in March, according to the monthly index released Thursday by the National Association of Realtors (NAR). Sales dropped for the…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":2178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/2177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=2177"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/2177\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/2178"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=2177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=2177"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=2177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}