U S existing home sales slide again in September jobless claims fall - Rep HEAD TOPICS

U S existing home sales slide again in September jobless claims fall

10/21/2022 7:15:00 AM

Surging mortgage rates and high selling prices of homes in the U S led to the sales of existing homes sliding for an eighth straight month in September

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Reuters

Surging mortgage rates and high selling prices of homes in the U S led to the sales of existing homes sliding for an eighth straight month in September Sales of existing U.S. homes slid for an eighth straight month in September and will likely fall further in the months ahead as the housing market continues to stand out as the economic sector absorbing the hardest hit from the Federal Reserve's aggressive interest rate hikes. 1/2A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah SilbigerRead MoreMortgage rates, which move in tandem with U.S. Treasury yields, have soared even higher. The 30-year fixed mortgage rate averaged 6.94% in the latest week, the highest in 20 years, up from 6.92% in the prior week, according to data from mortgage finance agency Freddie Mac. NAR Chief Economist Lawrence Yun said the September sales numbers don't reflect the latest surge in mortgage rates, which have climbed roughly a percentage point in a month. As a result, he expects the sales rate to decline further in the months ahead, perhaps to as low as 4.5 million annually, which would be roughly 4% to 5% lower than the current sales pace. Read more:
Reuters » U.S. Home Sales Dropped for Eighth Straight Month in September US home sales fell in September for eighth straight month US: Existing Home Sales decline by 1.5% in September Existing home sales tumble to a 10-year low in September as mortgage rates skyrocket

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'Black Adam' stars Dwayne Johnson, Aldis Hodge, Pierce Brosnan, Noah Centineo, and Quintessa Swindell raise a super-powered toast to their new DC film. Read more >> U.S. Home Sales Dropped for Eighth Straight Month in SeptemberSales of previously owned homes declined 1.5% in September from the prior month to a seasonally adjusted annual rate of 4.71 million, the weakest rate since May 2020, the National Association of Rea ltors said. Nope… we are not in a recession yet 🤡 US home sales fell in September for eighth straight monthSales of previously occupied U.S. homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates, rising home prices and a still tight supply of properties on the market. US: Existing Home Sales decline by 1.5% in SeptemberExisting Home Sales in the US declined for the eighth straight month in September, after posting a 1.5% slide to a seasonally adjusted annual rate of Existing home sales tumble to a 10-year low in September as mortgage rates skyrocketSales of previously owned houses fell in September for the eighth consecutive month as rising interest rates pushed potential homebuyers out of the market. Relators have been pretty cocky for the last few years, making money hand over fist. See Cuyahoga County home sales, other property transfer details for September (searchable database)The database is updated each month. Since home prices have been sky-rocketing so sharply, it can be used as a tool for comparison to previous years by searching a particular street or city. White House will announce additional oil reserve sales in wake of OPEC+ cut CNN PoliticsPresident Joe Biden on Wednesday will announce the sale of an additional 15 million barrels from the Strategic Petroleum Reserve in December, a senior administration official said, as his administration seeks to counter market pressures created by the OPEC+ decision to cut oil production targets just three weeks from the midterm elections. A quick Google search says that the US uses: 19.89 million barrels a day. And this is not optics for the midterms how? This is radical The last release did nothing - but go ahead and keep draining our reserves with the hopes it will get people to vote D in the midterms. Create a problem, then pretend to fix it. We aren't stupid, and people are waking up and realizing how this admins awful policies are hurting us to the lowest level in more than two years in September.Nicole Friedman Updated Oct.The National Association of Realtors said Thursday that existing home sales fell 1.4. 1/2 A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S.S., July 7, 2022. That's slightly higher than what economists were expecting, according to FactSet. REUTERS/Sarah Silbiger Read More Mortgage rates, which move in tandem with U. Sales of previously owned homes declined 1.S. “The median existing-home sales price increased to $384,800, up 8. Treasury yields, have soared even higher.71 million, the weakest rate since May 2020, the National Association of Realtors said Thursday. The national median home price rose 8. The 30-year fixed mortgage rate averaged 6.94% in the latest week, the highest in 20 years, up from 6.8% from a year earlier.92% in the prior week, according to data from mortgage finance agency Freddie Mac. The average rate on a 30-year home loan rose to 6. NAR Chief Economist Lawrence Yun said the September sales numbers don't reflect the latest surge in mortgage rates, which have climbed roughly a percentage point in a month. The DXY drops by 0. As a result, he expects the sales rate to decline further in the months ahead, perhaps to as low as 4.5 million annually, which would be roughly 4% to 5% lower than the current sales pace.09%. Though house price growth has slowed as demand weakened, tight supply is keeping prices elevated. The median existing house price increased 8.4% from a year earlier to $384,800 in September. “This is why the buyers have essentially been pushed out of the market," said Lawrence Yun, NAR’s chief economist. You should do your own thorough research before making any investment decisions. There were 1.25 million previously owned homes on the market, down 0.8% from a year ago. Because a lag of a month or two usually exists between a signed home purchase contract and a completed sale, the impact from the latest increase in mortgage rates won’t show up in sales for several weeks. "The details of the report suggest that housing is no longer a sellers' market," Aneta Markowska, chief financial economist at Jefferies, wrote. "Until this summer, home prices continued to rise despite declining demand; likely because supply was also muted. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. However, the balance of power is finally shifting from sellers to buyers. That, in turn, can limit the number of homes that are available for sale." LABOR MARKET STILL STRONG Meanwhile, few indications have surfaced so far that the labor market is loosening significantly or that employers are shifting into job-cutting mode. Initial claims for state unemployment benefits fell unexpectedly by 12,000 to a seasonally adjusted 214,000 for the week ended Oct. 15, the Labor Department said.25 million homes were on the market by the end of the month, down 2. Data for the prior week was revised to show 2,000 fewer applications filed than previously reported. The author makes no representations as to the accuracy, completeness, or suitability of this information. Economists polled by Reuters had forecast 230,000 applications for the latest week. The government reported earlier this month that job openings dropped by 1. “Homes are sitting on the market longer, just lingering on the market," Yun said.1 million, the largest decline since April 2020, to 10.1 million on the last day of August. But economists do not expect widespread layoffs, saying companies were wary of releasing their workers after difficulties hiring in the past year as the pandemic forced some people out of the workforce, partly due to prolonged illness caused by the virus. Before the pandemic, homes typically sold more than 30 days after being listed for sale. The claims report showed the number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 21,000 to 1.385 million in the week ending Oct. 8. That’s unchanged from August. So-called continuing claims have not strayed materially from that level for roughly six months and remain 400,000-500,000 below the level that prevailed before the pandemic. "Even as the economy slows, employers appear to be reluctant to lay off workers that they have struggled to hire and retain," Nancy Vanden Houten, lead U. S. That’s helping push home prices higher, even in a slowing market. economist at Oxford Economics, wrote in a note to clients. "We don't look for claims to fall much below current levels, but we don't look for a significant rise in claims or unemployment either until we enter a recession in 2023." Register now for FREE unlimited access to Reuters. "Higher mortgage rates always impact these expensive markets more heavily than other markets,” Yun said.com Register Reporting by Dan Burns; Editing by Paul Simao Our Standards: .