Pending Sales Stall Despite Mortgage Rates Falling
Despite a decrease in mortgage rates in November, pending home sales (i.e. a measure of homebuyers getting their offers accepted) was at record lows this November for data that goes back to 2001. This means pending home sales are worse than the Great Recession. This is based on a new report from the National Association of Realtors (NAR) for their Pending Home Sale Index (PHSI) which is seasonally adjusted and also annualized.
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Compilation of Housing Market Forecast videos:
• Housing Market Forecast videos
Reports I covered in today’s video:
https://www.nar.realtor/newsroom/pend...
https://fred.stlouisfed.org/graph/?g=...
https://fred.stlouisfed.org/series/HSN1F
https://fred.stlouisfed.org/series/AC...
https://fred.stlouisfed.org/series/HN...
https://fred.stlouisfed.org/series/MS...
https://www.nar.realtor/foot-traffic/...
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 year fixed rate mortgage is around 6.7% (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
[email protected]
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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