U.S. Pending Home Sales Slump More Than Expected In August

RTTNews | Pred 952 dňami
U.S. Pending Home Sales Slump More Than Expected In August

(RTTNews) - A report released by the National Association of Realtors on Wednesday showed pending home sales in the U.S. fell for the third straight month in August, with the decrease exceeding economist estimates.

NAR said its pending home sales index dove by 2.0 percent to 88.4 in August after falling by 0.6 percent to a revised 90.2 in July.

Economists had expected pending home sales to tumble by 1.4 percent compared to the 1.0 percent slump originally reported for the previous month.

Compared to the same month a year ago, NAR said pending home sales in August were down by 24.2 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

"The direction of mortgage rates - upward or downward - is the prime mover for home buying, and decade-high rates have deeply cut into contract signings," said NAR Chief Economist Lawrence Yun.

He added, "If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize."

The bigger than expected monthly decrease in pending home sales was partly due to steep drops in the Midwest and Northeast, where pending home sales plunged by 5.2 percent and 3.4 percent, respectively.

Pending home sales in the South also slid by 0.9 percent during the month, while pending home sales in the West jumped by 1.4 percent.

Citing the current interest rate environment and weaker economic activity, NAR said it expects existing home sales to plummet by 15.2 percent in 2022. New home sales are projected to show a 20.9 percent nosedive.

read more
Fed Leaves Interest Rates Unchanged, Warns Of Higher Unemployment, Inflation.

Fed Leaves Interest Rates Unchanged, Warns Of Higher Unemployment, Inflation.

The Federal Reserve on Wednesday announced its widely expected decision to leave interest rates unchanged, highlighting increased uncertainty about the economic outlook. The Fed said it decided to leave the target for the federal funds rate at 4.25 to 4.50 percent for the third straight meeting.
RTTNews | Pred 3 h 26 min
U.S. Trade Deficit Spikes To Record High In March As Import Surge

U.S. Trade Deficit Spikes To Record High In March As Import Surge

The U.S. trade deficit spiked by much more than expected in the month of March, according to a report released by the Commerce Department on Tuesday. The report said the trade deficit soared to a record high $140.5 billion in March from a revised $123.2 billion in February.
RTTNews | Pred 1 dňom
U.S. Services Index Unexpectedly Increases In April

U.S. Services Index Unexpectedly Increases In April

A report released by the Institute for Supply Management on Monday showed an unexpected increase by its reading on U.S. service sector activity in the month of April. The ISM said its services PMI rose to 51.6 in April from 50.8 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 50.6.
RTTNews | Pred 2 dňami
U.S. Factory Orders Spike Slightly Less Than Expected In March

U.S. Factory Orders Spike Slightly Less Than Expected In March

The Commerce Department released a report on Friday showing a sharp increase by new orders for U.S. manufactured goods in the month of March. The report said factory orders spiked by 4.3 percent in March after rising by a downwardly revised 0.5 percent in February.
RTTNews | Pred 5 dňami
U.S. Employment Jumps By 177,000 Jobs In April, Much More Than Expected

U.S. Employment Jumps By 177,000 Jobs In April, Much More Than Expected

Job growth in the U.S. far exceeded economist estimates in the month of April, according to a closely watched report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment shot up by 177,000 jobs in April compared to expectations for an increase of about 130,000 jobs.
RTTNews | Pred 5 dňami
U.S. Construction Spending Unexpectedly Falls 0.5% In March

U.S. Construction Spending Unexpectedly Falls 0.5% In March

Construction spending in the U.S. unexpectedly decreased in the month of March, the Commerce Department revealed in a report released on Thursday. The Commerce Department said construction spending fell by 0.5 percent to an annual rate of $2.196 trillion in March after climbing by 0.6 percent to a revised rate of $2.207 trillion in February.
RTTNews | Pred 6 dňami