New home sales in the United States fell in September, partially reversing a surprising gain in the previous month.
Between August and September, the supply of new homes for sale increased by 13.6%, resulting in a 9.2-month supply. The figures: According to the Commerce Department, new home sales in the United States fell 10.9% in September to a seasonally adjusted annual rate of 603,000, down from a revised 677,000 in the previous month. As [...]
Mortgage rates fall slightly to 6.66%, but have more than doubled in a year.
The figures show mortgage rates have paused their march toward 7% as the economic outlook remains uncertain. It's worth noting that Mortgage News Daily, which tracks mortgage rates daily, reports that the 30-year is now at 6.95%. According to Freddie Mac data released on Thursday, the 30-year fixed-rate mortgage averaged 6.66% as of Oct. 6.
For the third month in a row, the leading indicator of US home sales falls.
The figures: According to the National Association of Realtors' monthly index released Wednesday, pending home sales in the United States fell 2% in August, the third consecutive monthly drop (NAR). Transactions were down 24.2% from the previous year. According to the data, housing market activity has slowed since the Fed began raising interest rates. And, [...]
Housing starts in the United States fell in September, weighing on the country’s growth.
The figures: The Commerce Department reported Wednesday that new home construction in the United States fell 8.1% seasonally adjusted in September to 1.44 million. In September, new hole starts fell 4.7%, while apartment starts fell 13.1%. The housing market is rapidly deteriorating, exacerbated by affordability concerns. Mortgage applications are expected to fall further this week, [...]