Latest News

Lawler: Early Read on Existing Home Sales in September; CAR Predicts Home Prices to Decline 8.8% in 2023!

0
18237500 - businessman hand pointing to investment as concept

by Calculated Risk on 10/17/2022 02:26:00 PM

Today, in the Calculated Risk Real Estate Newsletter: Lawler: Early Read on Existing Home Sales in September; CAR Predicts Home Prices to Decline 8.8% in 2023!

Excerpt:

A few topics from housing economist Tom Lawler:

Early Read on Existing Home Sales in September

Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 4.82 million in September, up 0.4% from August’s preliminary pace and down 22.0%% from last September’s seasonally adjusted pace. On an unadjusted basis the YOY % decline in sales was largest in the West, and smallest in the Midwest and Northeast.

Finally, local realtor/MLS reports suggest that the median existing single-family home sales price last month was up by about 8.0% from last September.

In terms of sales, note that mortgage rates, after reaching slightly over 6 % on June 21, fell back down fell back down to around 5 1/4 % on August 1, but have since moved sharply higher to around 7%. This latest sharp rise will almost certainly result in substantially lower home sales in the last few months of this year.

There is MUCH more in the article. You can subscribe at https://calculatedrisk.substack.com/

MBA Survey: "Share of Mortgage Loans in Forbearance Decreases to 0.69% in September"

Previous article

Personal Finance Daily: Get ready for one major impact of inflation that won’t hit until next year and here’s everything you need to know about the controversial social media platform that Kanye West agreed to buy

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News