National Association of Realtors
Key Highlights
Pending home sales decreased last month, down 1.5% from September.
Month over month, contract signings intensified in the Northeast but diminished in the Midwest, South and West.
Pending home sales dropped in all four U.S. regions compared to one year ago.
WASHINGTON (November 30, 2023) – Pending home sales dropped 1.5% in October, according to the National Association of REALTORS®. The Northeast posted a monthly gain in transactions while the Midwest, South and West all recorded losses. All four U.S. regions noted year-over-year declines in transactions.
The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – dropped...
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By Dave Gallagher | Real Estate News
A collection of reports show that high mortgage rates weren’t enough to dampen price increases as demand continues to outpace supply.
Key points:
Case-Shiller, FHFA and Redfin indexes reported higher home prices in September and into October.
Combined with elevated mortgage rates, affordability is hitting record lows.
This highlights a widening gap between the "haves" and the "have nots," says Bright MLS Chief Economist Lisa Sturtevant.
Even as mortgage interest rates were spiking earlier this fall, home prices continued climbing through the end of September and into October, according to data from three new reports.
The S&P CoreLogic Case-Shiller index found that national home prices rose...
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High cost of housing is keeping young adults with their parents longer than past generations
BY Ethan Varian | The Mercury News
After Kelly Zhao earned a master’s degree in ethnic studies from UCLA last year, she followed the lead of so many other young graduates thrust into a competitive job market: She moved back in with her parents while she looked for work.
Upon returning to her childhood home in Pittsburg, Zhao, 25, soon found a job with a local advocacy group, making around $70,000 a year. But even then, she said, renting an apartment just doesn’t make financial sense right now, especially while contributing around $1,500 a month...
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From our friends in KCM
If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. Some people are still saying prices are falling, even though data proves otherwise. Part of that misconception is because people are getting their information from unreliable sources. But it’s also coming from some media coverage misrepresenting what the data really shows.
So, to keep things simple, here’s what you really need to know using real data you can trust.
Normal Home Price Seasonality Explained
In the housing market, there are predictable ebbs and flows that happen each year. It’s called seasonality. Spring is the peak homebuying season when the market is most active. That...
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City and nonprofit scramble to thwart the deal, which works out to $150K per unit
By: The Real Deal
A landlord convicted of arson-for-hire is buying an affordable apartment building in San Francisco’s Mission District — unless a local nonprofit can raise enough cash to kill the deal. Richard Earl Singer and his SF Hotel 447 firm have bought the 18-unit complex containing the nearly 50-year-old Eddie’s Cafe at 800-812 Divisadero Street, the San Francisco Chronicle reported, citing Supervisor Dean Preston and an unidentified broker behind the sale.Singer is under contract to buy the three-story building for $2.7 million, or less than $150,000 per unit when including the ground-floor cafe.
The...
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