Pending home sales declined to four-year low in October

New-home sales climb for a third straight month in March WASHINGTON – Sales of new U.S. homes increased 4.5% in March, the third straight monthly gain as the housing market appears to be cautiously recovering from a mortgage rate spike last year that.

 · The National Association of Realtors (NAR) is reporting this week that nationwide pending home sales declined in November 2015 for the third time in four months as buyers continue to battle both rising home prices and limited homes available for sale. Modest gains in the Midwest and South were offset by larger declines in the Northeast and West.

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The index of pending home sales fell 8.7% last month to a seasonally adjusted annual rate of 92.4, the lowest reading since October 2011. “The gradual decline in labor market slack, still-low.

Chicago home sales have declined 6 out of the last 8 months. It looks like January was another weak month for home sales in the Chicago real estate market – down 7.1% from last year.

Sales of existing homes rose in October, but remained stuck at a low level, according to a report released today by the National Association. U.S. sales volume improves, but prices drop November.

 · According to NAR’s pending home sales index, which measures signed real estate contracts for single-family homes and condos, real estate contract activity dropped 2.6% in October, highlighting the 6.7% decrease in pending home sales year-to-year. A major contributor to this decrease is the rise in mortgage rates and drop in eligible homebuyers.

The group’s index of pending home sales slipped to a reading of 102.1 in October, a decline of 2.6 per cent from september. contract signings were down 6.7 per cent on a year-over-year basis.

It’s actually very common to see a "pending sale" sign pop up after two or more months in a buyer’s market because the days on market are often much longer when there are fewer buyers than sellers. But it’s just as common to see the pending sign come down again. This happened with almost 4 percent of all U.S. home sales in 2016.

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According to NAR, the decline in the PHSI may have resulted from concerns over stock market volatility, housing affordability and higher mortgage rates in October and November. Despite monthly fluctuations, there has been a downward trend for pending home sales over the past 12 months, with sales lower compared to a year ago.

 · Pending home sales fell by 3.5 percent in December from 19-month high after gaining 7.3 percent the previous month, figures from the National Association of Realtors showed today.