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November Existing Home Sales Plunge

November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.

With spiking mortgage rates, and tumbling mortgage applications, it is hardly surprising that existing home sales tumbled in December but the 2.8% plunge is the biggest since July and is the worst decline for December since 2009.

NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had expected existing home sales to slump by 1.3 percent to a rate of 5.25 million from the 5.32 million originally reported for the previous month.

Investing.com – U.S. existing home sales fell sharply in November to hit the lowest level in 19 months, dampening optimism over the health of the housing market, industry data showed on Tuesday.

Existing home sales finished up the year on a decidedly sour note. After putting together consecutive increase in October and November and ending a six-month losing streak, the National Association of.

Sales of new U.S. homes plummeted 8.9 percent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009.

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Existing Home Sales occurs when the mortgage is closed. mortgage closing usually takes place 30-60 days after the sales contract is closed. . This page provides the latest reported value for – United States Existing Home Sales – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

but existing home sales managed a modest SAAR bounce; and while expectations were for some give-back in November, existing home sales managed an upside surprise – rising 1.9% MoM. However, that is the.

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Total existing-home sales-which are completed transactions that include single-family homes, townhomes, condos, and co-ops-dropped 6.4 percent in December compared to November. Sales are now down 10.3 percent from a year ago, according to the National Association of REALTORS’ existing-home sales report, released Tuesday.

NAR said existing home sales plummeted by 6.4 percent to an annual rate of 4.99 million in December after jumping by 2.1 percent to a revised rate of 5.33 million in November. Economists had.