US Existing Home Sales Plunged In January As Mortgage Rates Rose
The lagged impact of a resurgence in mortgage rates can back to bite existing home sales in January, as they fell 4.9% MoM (worse than the 2.6% decline expected). That is the biggest MoM drop since Nov 2022…
Source: Bloomberg
Sales declined the most in the West and South, which were afflicted by destructive wildfires in Los Angeles and severe winter weather, respectively.
To the extent weather played a role, those sales are just a matter of timing and will probably take place in subsequent months instead, NAR Chief Economist Lawrence Yun said on a call with reporters.
Optimism about the US housing market should remain muted though as rates are flat since this data hit…
Source: Bloomberg
“Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve,” Yun said in a statement.
“When combined with elevated home prices, housing affordability remains a major challenge.”
Even so, prices are still climbing.
The median sale price climbed 4.8% from a year ago to $396,900, reflecting more activity at the higher end – especially homes priced above $1 million.
Source: Bloomberg
Yun said that partially reflects strong performance in the stock market for higher-income buyers as well as more homes shifting into higher price brackets.
Properties stayed on the market for 41 days on average in January, the highest in five years.
Finally, Yun said NAR is concerned about the Trump administration’s interest in privatizing mortgage giants Fannie Mae and Freddie Mac, which have been in government conservatorship since their bailouts in 2008. Releasing them from the government could lead to even higher mortgage rates, he said.
Tyler Durden Fri, 02/21/2025 – 10:28
Source: https://freedombunker.com/2025/02/21/us-existing-home-sales-plunged-in-january-as-mortgage-rates-rose/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Online: | |
| Visits: | 1,677,220,280 |
| Stories: | 8,353,308 |
Whistler Blowers, Insiders
