U.S. Pending Home Sales Slump To Lowest Level In Over Twenty Years

RTTNews | 611 days ago

(RTTNews) - Pending home sales in the U.S. slumped to their lowest level in over twenty years in the month of October, the National Association of Realtors revealed in a report released on Thursday.

NAR said its pending home sales index tumbled by 1.5 percent to 71.4 in October after jumping by 1.0 percent to a revised 72.5 in September.

Economists had expected pending home sales to plunge by 2.0 percent compared to the 1.1 percent surge originally reported for the previous month.

With the decrease, the pending home sales index fell to its lowest level since the index was originated in 2001.

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.

"During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years," said Lawrence Yun, NAR chief economist.

"Recent weeks' successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from fully being satisfied," he added. "Multiple offers, of course, yield only one winner, with the rest left to continue their search."

Pending home sales in the West led the way lower, plummeting by 6.0 percent, while pending home sales in the South slumped by 1.9 percent and pending home sales in the Midwest dipped by 0.4 percent.

Meanwhile, the report said pending home sales in the Northeast jumped by 2.7 percent.

The Commerce Department released a separate report on Monday showing new home sales in U.S. pulled back sharply in the month of October after soaring in September.

The report said new home sales plunged by 5.6 percent to an annual rate of 679,000 in October after spiking by 8.6 percent to a downwardly revised rate of 719,000 in September.

Economists had expected new home sales to tumble by 4.5 percent to a rate of 725,000 from the 759,000 originally reported for the previous month.

Tags: USD

U.S. Construction Spending Unexpectedly Sees Further Downside In June

The Commerce Department released a report on Friday unexpectedly showing a continued decrease by U.S. construction spending in the month of June. The report said construction spending fell by 0.4 percent to an annual rate of $2.136 trillion in June after sliding by 0.5 percent to a revised rate of $2.144 trillion in May.

RTTNews | 1 day ago

U.S. Consumer Sentiment Improves Marginally Less Than Previously Estimated In July

Revised data released by the University of Michigan on Friday showed consumer sentiment in the U.S. improved marginally less than previously estimated in the month of July. The University of Michigan said its consumer sentiment index for July was downwardly revised to 61.7 from a preliminary reading of 61.8. Economists had expected the index to be upwardly revised to 62.0.

RTTNews | 1 day ago

U.S. Manufacturing Index Unexpectedly Dips To Nine-Month Low In July

Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of July, according to a report released by the Institute for Supply Management on Friday. The ISM said its manufacturing PMI edged down to 48.0 in July after inching up to 49.0 in June with a reading below 50 indicating contraction.

RTTNews | 1 day ago

U.S. Job Growth Misses Estimates In July, Previous Months' Numbers Revised Sharply Lower

Job growth in the U.S. fell well short of economist estimates in the month of July, according to a closely watched report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment rose by 73,000 jobs in July, while economists had expected employment to jump by 110,000 jobs.

RTTNews | 1 day ago

U.S. Employment Rises Much Less Than Expected In July

Job growth in the U.S. fell well short of economist estimates in the month of July, according to a closely watched report released by the Labor Department on Friday.

RTTNews | 1 day ago

U.S. Consumer Price Growth Matches Estimates In June

A closely watched report released by the Commerce Department on Thursday showed consumer prices in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent in June after inching up by an upwardly revised 0.2 percent in May.

RTTNews | 2 days ago

U.S. Jobless Claims Inch Up Less Than Expected To 218,000

First-time claims for U.S. unemployment benefits edged slightly higher in the week ended July 26th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims crept up to 218,000, an increase of 1,000 from the previous week's unrevised level of 217,000. Economists had expected jobless claims to rise to 224,000.

RTTNews | 2 days ago

U.S. Consumer Prices Increase In Line With Estimates In June

A closely watched report released by the Commerce Department on Thursday showed consumer prices in the U.S. increased in line with economist estimates in the month of June.

RTTNews | 2 days ago

EURUSD	1.15956	GBPUSD	1.32834	AUDUSD	0.64735
USDJPY	147.381	USDCAD	1.37779	USDCHF	0.8035

Advertisement

U.S. Pending Home Sales Slump To Lowest Level In Over Twenty Years