Existing Home Sales Shrink for 11th Month

Existing home sales fell back for the 11th straight month in December according to the National Association of Realtors® (NAR) The month’s sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments were at a seasonally adjusted annual rate of 4.02 million units. This is down 1.5 percent from November’s activity and 34.0 percent lower than in December 2022. Single-family home sales declined by 1.1 percent to a seasonally adjusted annual rate of 3.60 million from 3.64 million in November and were down 33.5 percent from the previous year. Existing condominium and co-op sales came in at a seasonally adjusted annual rate of 420,000 units, a decline of 4.5 percent and 38.2 percent from the two earlier periods. [existinghomesdata] The December results were slightly better than expected. Analysts polled by Econoday and Trading Economics each came in with a consensus estimate of 3.97 units. For the entirety of 2022 there were 5.03 million existing homes sold. This was 17.8 percent fewer than in 2021, as last year’s rapidly escalating interest rate environment weighed on the residential real estate market. “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” said NAR Chief Economist Lawrence Yun. He said, however, he expects sales to pick up again soon since mortgage rates have markedly declined after peaking late last year.

January 20, 2023 Download our Mobile App: Download our Mobile App: Housing News Existing Home Sales Shrink for 11th Month Existing home sales fell back for the 11th straight month in December according to the National Association of Realtors® (NAR) The month’s sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments were at a seaso... (read more) MBS Commentary Reconsidering a Range Breakout Since coming off the highest rates in more than a decade in November, bonds ran into resistance just before the end of the year. That resistance coincides with 10yr yields in the 3.40-3.42 neighborhood. While we did see slightly lowe... (read more) Rob Chrisman Non-QM 2nds, Renovation, Homeowner, Realtor-Facing Products; Reaction to Govt LLPA and Securitization Changes What would this opening paragraph be without some fun, non-mortgage stuff? Watch a rare livestream of bald eagles nesting on eggs in California. 32 trillion gallons of water have fallen in California in recent weeks, resulting in a disaster declarati... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.15% +0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.15% +0.04 0.00 15 Yr. Fixed 5.19% +0.04 0.00 30 Yr. FHA 5.75% +0.05 0.00 30 Yr. Jumbo 5.70% +0.04 0.00 5/1 ARM 6.00% +0.04 0.00 30 Yr. VA 5.80% +0.05 0.00 Updates Daily - Last Update: 1/20 15 Yr. Fixed Rate 5.19% +0.04% Rate Change Points Freddie Mac 30 Yr. Fixed 6.15% -0.18 0.00 15 Yr. Fixed 5.28% -0.24 0.00 Updates Weekly - Last Update: 1/19 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.23% -0.19 0.67 15 Yr. Fixed 5.58% -0.36 0.54 30 Yr. Jumbo 6.08% -0.01 0.40 Updates Weekly - Last Update: 1/18 MBS / Treasuries UMBS 30YR 5.0 100.22 -0.22 Price / Yield Change MBS UMBS 5.0 100.22 -0.22 UMBS 5.5 101.34 -0.16 GNMA 5.0 100.33 -0.19 GNMA 5.5 101.13 -0.17 Pricing as of: 1/20 5:31PM EST 10 Year US Treasury 3.4806 +0.0816 Price / Yield Change US Treasury 2 YR Treasury 4.172 +0.043 5 YR Treasury 3.561 +0.075 7 YR Treasury 3.524 +0.085 10 YR Treasury 3.481 +0.082 30 YR Treasury 3.657 +0.088 Pricing as of: 1/20 5:31PM EST Latest Video Former Fed vice chairman: Fed will probably get the terminal funds rate rig... Real estate remain's a sellers' market, says Realtor.com's Danielle Hale Existing home sales fell 1.5% in December Fed's Williams: Inflation remains too high, Fed has more work to do Around the Web Marketwatch Fed’s George says too soon to say inflation is on right trend CNBC Existing home sales fell for the 11th consecutive month in December, hitting the slowest pace since November 2010 Calculated Risk Blog NAR: Existing-Home Sales Decreased to 4.02 million SAAR in December; Median Prices Down 11.3% from Peak in June 2022 fhfa FHFA Announces Updates to the Enterprises’ Single-Family Pricing Framework CNBC Fed Governor Lael Brainard sees high rates ahead even with progress on inflation Wall Street Journal Consumer Prices Plateau as Inflation Slows to Prepandemic Levels CNBC Treasury yields rise as investors look to Fed speakers for hints about U.S. economic outlook Calculated Risk Blog Monetary Policy: The Pause that Refreshes? CNBC European Central Bank's Lagarde says China's Covid reopening will push inflation higher CNBC Yellen says Treasury is taking extraordinary measures to avoid default as U.S. hits debt limit Calculated Risk Blog Q4 GDP Tracking: Mid-to-high 2s Eye on Housing Remodeling Market Sentiment Weakened in Fourth Quarter but Remains Positive CNBC In hindsight, monetary policy everywhere was too expansionary: Swiss central bank chief

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