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NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had.
· But existing launches saw good pick-up three months after the July 6 cooling measures kicked in, analysts say. Read more at straitstimes.com. New private home sales plunge by.
Existing home sales, which were already at a 7-1/2 year low in November and down 7.0 percent from a year earlier are now 10.3 percent lower than from the 5.56 percent pace last December.
The credit was originally supposed to expire in November, meaning that would-be home buyers of existing homes would make their purchases before the credit expired – leading to high sales figures in.
Existing-home sales plummeted in November, confirming fears in the mortgage industry that a new consumer disclosure rule is delaying mortgage closings. Sales of existing homes fell 10.5% in November.
With the much bigger than expected decrease, existing home sales slumped to their lowest annual rate since November of 2015. "A decade’s high mortgage rates are preventing consumers from making quick.
A real estate group says sales of existing homes plummeted far more than expected last month as buyers reeled from October’s big plunge on Wall Street. The median sales price fell by the largest.
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From the WSJ: U.S. Existing Home Sales Plunge in November. Sales of previously owned homes plummeted in November as delays caused by new mortgage red-tape and a dwindling supply of residences on the market pushed down sales to a level not seen since April 2014.
NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3 percent to a rate of 5.25 million from the 5.32 million originally reported for the previous month.
The housing market experienced a sharp drop in December as sales of existing homes fell 6.4 percent, the largest one-month decline in three years. On a year-over-year basis, sales fell more than.
November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.