Conservative Guard
  • Home
  • Breaking News
  • US
  • World News
  • China
  • Business
  • Politics
  • Crime
  • Finance
  • Entertainment
No Result
View All Result
  • Home
  • Breaking News
  • US
  • World News
  • China
  • Business
  • Politics
  • Crime
  • Finance
  • Entertainment
No Result
View All Result
theTotalStory | Conservative News & Opinion
No Result
View All Result
Home Finance

US Pending Home Sales Fall 4.6%

Conservative Guard by Conservative Guard
November 30, 2022
in Finance
0
Us Pending Home Sales Fall 4.6%
7
VIEWS
Share on FacebookShare on Twitter

Contracts to buy U.S. previously owned homes fell for a fifth straight month in October as the housing market continued to sag amid higher mortgage rates.

The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, fell 4.6% to 77.1 last month.

Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 5.0%. Pending home sales dropped 37.0% in October on a year-on-year basis.

Contracts declined in three of the nation’s four regions. In the Midwest, contracts rose 3.3% but are down 32.1% from the same month one year ago.

The overall decline in signed contracts suggested that existing home sales would continue to fall after posting their ninth straight monthly decrease in October.

The interest-rate sensitive housing sector has been hit hardest by the Federal Reserve’s swiftest increase in its policy rate since the early 1980s, designed to bring down high inflation by reducing demand across the economy.

By the Fed’s preferred measure, inflation is still running more than three times its 2% goal, having risen at its fastest pace in 40 years.

The Fed has lifted its benchmark overnight interest rate from near zero in March to the current range of 3.75% to 4.0%. Compared to the last four meetings though, a smaller half-percentage point hike is expected at the end of its next policy meeting on Dec. 13-14 with smaller increments seen into early 2023 as policymakers eye a stopping point.

As a result, mortgage rates, for which the yield on the 10-year Treasury note acts as a benchmark, are now off their recent 20-year highs.

The 30-year fixed mortgage rate averaged 6.49% last week, a fall of more than half a percentage point in the last four weeks, according to data from the Mortgage Bankers Association. That’s still well above the 3.18% average during the same period last year.

“October was a difficult month for home buyers,” said NAR Chief Economist Lawrence Yun. “The West region, in particular, suffered from the combination of high interest rates and expensive home prices.”


© 2022 Thomson/Reuters. All rights reserved.

Related

Previous Post

US Goods Trade Deficit Widens Sharply

Next Post

Yellen Says Unemployment Rate in 4% Range Is ‘Healthy’

Next Post
Yellen Says Unemployment Rate In 4% Range Is ‘Healthy’

Yellen Says Unemployment Rate in 4% Range Is 'Healthy'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 11.3k Subscribers
  • Trending
  • Comments
  • Latest
Why Adani’s $100 Billion Loss Hasn’t Tanked India’s Markets

Why Adani’s $100 Billion Loss Hasn’t Tanked India’s Markets

February 11, 2023
Women Balk At Chinese Government Plans To Raise Birth Rate

Uyghurs Challenge the World’s Selective Memories of Genocide on Holocaust Remembrance Day

January 27, 2023
Former Arizona State Student Appeals Conviction For Distributing Constitution Copies

Former Arizona State Student Appeals Conviction for Distributing Constitution Copies

January 27, 2023
Ukraine Attacks Russia’S Hold On Southern City Of Kherson

Ukraine attacks Russia’s hold on southern city of Kherson

October 27, 2022
Tensions Rise On Peninsula Over Fears North Korean Eyeing ‘Tactical’ Nukes With New Policy

Tensions rise on peninsula over fears North Korean eyeing ‘tactical’ nukes with new policy

0
Times Square May Get One Of The Few Spectacles It Lacks: A Casino

Times Square May Get One of the Few Spectacles It Lacks: A Casino

0
Border Containers 34754 C0 435 5219

Arizona refuses U.S. demand to remove shipping containers from border

0
How Finnair’s Huge Bet On Faster Flights To Asia Suddenly Came Undone

How Finnair’s Huge Bet on Faster Flights to Asia Suddenly Came Undone

0
Netflix Cuts Basic Tier In U.s. And U.k.

Netflix cuts basic tier in U.S. and U.K.

July 19, 2023
Hollywood Unions File Labor Complaint Against Nbcuniversal

Hollywood unions file labor complaint against NBCUniversal

July 19, 2023
Jason Aldean ‘Try That In A Small Town’ Music Video Pulled By Cmt

Jason Aldean ‘Try That in a Small Town’ music video pulled by CMT

July 18, 2023
Tupac Shakur, Late Rapper And Actor, To Be Honored With A Street Name In California

Tupac Shakur murder investigation: Las Vegas police serve search warrant

July 18, 2023

Recent News

Netflix Cuts Basic Tier In U.s. And U.k.

Netflix cuts basic tier in U.S. and U.K.

July 19, 2023
Hollywood Unions File Labor Complaint Against Nbcuniversal

Hollywood unions file labor complaint against NBCUniversal

July 19, 2023
Jason Aldean ‘Try That In A Small Town’ Music Video Pulled By Cmt

Jason Aldean ‘Try That in a Small Town’ music video pulled by CMT

July 18, 2023
Tupac Shakur, Late Rapper And Actor, To Be Honored With A Street Name In California

Tupac Shakur murder investigation: Las Vegas police serve search warrant

July 18, 2023

TrendingNews

No Content Available

New updates

Netflix Cuts Basic Tier In U.s. And U.k.

Netflix cuts basic tier in U.S. and U.K.

by Conservative Guard
July 19, 2023
0

Hollywood Unions File Labor Complaint Against Nbcuniversal

Hollywood unions file labor complaint against NBCUniversal

by Conservative Guard
July 19, 2023
0

Browse by Category

  • Breaking News
  • Business
  • China
  • Crime
  • Entertainment
  • Finance
  • Politics
  • US
  • World News

© 2022 www.conservativeguard.com

No Result
View All Result
  • Conservative Guard

© 2022 www.conservativeguard.com

Go to mobile version