{"id":128563,"date":"2024-11-21T22:39:46","date_gmt":"2024-11-21T15:39:46","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=128563"},"modified":"2024-11-21T22:39:46","modified_gmt":"2024-11-21T15:39:46","slug":"home-sales-surged-in-october-before-mortgage-rates-jumped","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=128563","title":{"rendered":"Home sales surged in October before mortgage rates jumped"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107405140\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>A home with a &#8220;Sold&#8221; sign from a real estate company in North Patchogue, New York.<\/p>\n<p>Steve Pfost | Newsday | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>A sharp drop in mortgage rates brought homebuyers off the fence in October after a slow summer.<\/p>\n<p>Sales of previously owned homes last month rose 3.4% from September to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 2.9% higher than October of last year, marking the first annual increase in more than three years.<\/p>\n<p>This count is based on signed contracts, meaning most of the deals were made in August and September. During that time, the average rate on the popular 30-year fixed mortgage was falling. It started August around 6.6% and dropped to a low of 6.11% by mid-September, according to Mortgage News Daily.<\/p>\n<p>&#8220;The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,&#8221; said Lawrence Yun, NAR&#8217;s chief economist, in a release. &#8220;Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.&#8221;<\/p>\n<p>There were 1.37 million units for sale at the end of October, an increase of 19.1% from October 2023. That puts inventory at a 4.2-month supply at the current sales pace. It is still on the leaner side, as a six-month supply is considered balanced between buyer and seller.<\/p>\n<p>Tight supply continues to put upward pressure on prices. The median price of an existing home sold in October was $407,200, an increase of 4% from the year before. By price category, the higher end of the market is seeing more activity than the lower end.<\/p>\n<p>&#8220;We still need another 30% in inventory just to get us back to the pre-Covid conditions,&#8221; Yun said.<\/p>\n<p>The share of all-cash buyers pulled back to 27%, down from 29% in October 2023. That is still high historically, but lower mortgage rates likely caused that share to drop.<\/p>\n<p>First-time buyers made up 27% of sales, down from 28% the year before and still historically low. They usually make up 40% of sales.<\/p>\n<p>Mortgage rates are much higher now, at 7.05% on the 30-year fixed. A new report from Redfin, however, showed a recent surge in the number of potential buyers contacting its agents, particularly after the election. Its so-called demand index rose 17% year over year during a one-week period in mid-November to the highest level since August 2023.<\/p>\n<p>&#8220;The burst of buyers and sellers jumping into the market is the result of pent-up demand from people who were waiting for the election to pass, and for the Fed to cut interest rates a second time,&#8221; said Chen Zhao, Redfin&#8217;s economic research lead. &#8220;Now we&#8217;re keeping a close eye on whether this is a short post-election boom, or if it translates into a steady improvement in pending sales.&#8221;<\/p>\n<\/div>\n<div class=\"group\">\n<div class=\"RelatedContent-relatedContent\" id=\"RegularArticle-RelatedContent-1\">\n<div class=\"RelatedContent-container\">\n<div class=\"RelatedContent-nonCollapsibleContent\">\n<h2 class=\"RelatedContent-header\">Don\u2019t miss these insights from CNBC PRO<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2024\/11\/21\/home-sales-october.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A home with a &#8220;Sold&#8221; sign from a real estate company in North Patchogue, New York. Steve Pfost | Newsday | Getty Images A sharp drop in mortgage rates brought &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=128563\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-128563","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/128563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128563"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/128563\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}