Existing Home Sales Slide to 13-Year Low

Sales fell below the $4 million mark in September, marking the slowest month for existing home sales since October 2010. The National Association of Realtors® (NAR) said sales of preowned single-family houses, townhouses, condos, and cooperative apartments sold at a seasonally adjusted annual rate of 3.96 million units last month, a 2.0 percent decline from the rate of 4.04 million posted in August. Home sales in September 2022 were at an annual rate of 4.68 million units. While the results were dismal, they were still slightly better than expected. Analysts for Econoday had a consensus estimate of 3.90 million units. Single-family home sales slipped to a seasonally adjusted annual rate of 3.53 million in September, down 1.9 percent from 3.6 million in August and 15.8 percent lower year-over-year. Condominium and co-op sales were recorded at a seasonally adjusted annual rate of 430,000 units in September, down 2.3 percent and 12.2 percent from the two earlier periods. "As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales," said NAR Chief Economist Lawrence Yun. "The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains." Sales may be falling, but home prices increased for the third consecutive month. September sales were at a median price of $394,300, an increase of 2.8 percent from the September 2022 median of $383,500. The median single-family home price was $399,200, an annual increase of 2.5 percent. Condo prices jumped 6.8 percent to a median of $353,800.

October 19, 2023 Download our Mobile App: Download our Mobile App: Housing News Existing Home Sales Slide to 13-Year Low Sales fell below the $4 million mark in September, marking the slowest month for existing home sales since October 2010. The National Association of Realtors® (NAR) said sales of preowned single-family houses, townhouses, condos, and cooperative apar... (read more) Mortgage Rate Watch Mortgage Rates Inch Higher Into The 8s There have been some more abrupt rate spikes in the recent past--days where the average mortgage rate has risen by more than an eighth of a percent (the standard increment separating one mortgage rate from the next). Today was not one of those ... (read more) MBS Commentary Buying Opportunity? This morning is off to what could potentially be described as a "weird" start. If it's not weird, it's at least interesting. Why weird? Bonds rallied after jobless claims came in at 198k versus a forecast of 212k and a previous... (read more) Rob Chrisman Best-Ex, Outsourcing, LOS/Servicing, Portfolio, CRM, QC Products; Conventional Conforming News; 30-year Rates Hit 8 Percent Unlike lenders who are dealing with 8 percent on rates sheets, sports fans and sports bars are reveling: NBA, MLB, NFL, NHL, all at the same time… And Philadelphia is in the thick of it. A lot of halftimes. Is our industry “down 20-0 at halftime?” He... (read more) Mortgage Rates 30 Yr. Fixed Rate 8.03% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 8.03% +0.03 0.00 15 Yr. Fixed 7.35% +0.06 0.00 30 Yr. FHA 7.44% +0.04 0.00 30 Yr. Jumbo 8.09% +0.03 0.00 5/1 ARM 7.29% +0.04 0.00 30 Yr. VA 7.46% +0.04 0.00 Updates Daily - Last Update: 10/19 15 Yr. Fixed Rate 7.35% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 7.63% +0.06 0.00 15 Yr. Fixed 6.92% +0.03 0.00 Updates Weekly - Last Update: 10/19 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.70% +0.03 0.71 15 Yr. Fixed 6.98% +0.01 1.04 30 Yr. Jumbo 7.56% -0.14 0.85 Updates Weekly - Last Update: 10/18 MBS / Treasuries UMBS 30YR 6.0 96.45 -0.33 Price / Yield Change MBS UMBS 6.0 96.45 -0.33 GNMA 6.0 97.14 -0.28 Pricing as of: 10/19 5:31PM EST 10 Year US Treasury 4.9920 +0.0810 Price / Yield Change US Treasury 2 YR Treasury 5.161 -0.059 5 YR Treasury 4.952 +0.020 7 YR Treasury 5.013 +0.055 10 YR Treasury 4.992 +0.081 30 YR Treasury 5.116 +0.119 Pricing as of: 10/19 5:31PM EST Latest Video Former Fed Pres. Kaplan breaks down the Fed's next move on interest rates a... Tight housing supply means crash is unlikely, says Mortgage News Daily's Ma... Powell's comments were not hawkish enough to push the 10-year above 5%, say... Fed has restrictive rate policy but not a restrictive balance sheet, says J... Around the Web CNBC Powell says inflation is still too high and lower economic growth is likely needed to bring it down CNBC Big banks are quietly cutting thousands of employees, and more layoffs are coming CNBC September home sales drop to the lowest level since the foreclosure crisis CNBC Fed Chair Powell to deliver key speech Thursday: Here's what to expect CNBC The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar CNBC CFPB pushing to give consumers more control over their financial data Calculated Risk Blog Fed Chair Powell: "Inflation is still too high", expects "a period of below-trend growth" CNBC Watch Fed Chair Jerome Powell deliver a speech on the U.S. economy CNBC Billionaires are driving South Florida home prices to new records CNBC U.S. weekly jobless claims total 198,000, fewer than expected CNBC 10-year Treasury extends multiyear high ahead of Fed Chair Powell speech Calculated Risk Blog NAR: Existing-Home Sales Decreased to 3.96 million SAAR in September Calculated Risk Blog Fed's Beige Book: "Little to no change in economic activity"

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