There is talk that it will speed up the taper. The Fed has now begun to taper its asset purchases.
#QUICKEN HOME INVENTORY WORTH USING MAC#
The average 30-year fixed-rate mortgage last week was 3.1%, up from 2.87% in mid-August, according to Freddie Mac data. The number of unsold homes on the market dipped to 1.25 million homes, seasonally adjusted: Supply of homes listed for sale remained at 2.4 months at the current rate of sales, which is very tight, but up from late last year and earlier this year. The median condo price, at $296,700, was still up 8.7% year-over-year to, but down 4.6% from the peak in June: In terms of single-family houses, the median price, at $360,800, was still up 13.5% year-over-year, but down 2.5% from the peak in June.
Seasonality had completely blown out the window last year. The increases in September (12.7%) and October (13.1%) were the slowest all year.Īt $353,900, the median price is down by 2.4% from June as seasonality has returned to the housing market, normally with a peak in June or July and a low point of January or February. The median price rose 13.1% year-over-year, backing off the peak-frenzy spikes in May and June of over 23% year-over-year. The “seasonally adjusted annual rate” of sales in October of 6.34 million homes, up 0.8% from September, was well below the levels of October through December last year, and far below the peaks during the 2004-2006 era.īy Region, the seasonally adjusted annual rate of sales fell year-over-year in all four regions: By 13.8% in the Northwest, by 6.3% in the Midwest, by 3.5% in the South, and by 5.1% in the West. The NAR then converts the actual sales to a “seasonally adjusted annual rate” of sales, which for all existing homes fell 5.8% in October from a year ago, the third month in a row of year-over-year declines, as the blistering boom has lost some steam (historic data in the chart via YCharts):
By Wolf Richter for WOLF STREET.Īctual sales of all types of existing homes fell 8.2% year-over-year to 526,000 homes in October, with sales of single-family houses falling 8.2% year-over-year to 469,000 houses in the month, and sales of condos and co-ops falling 8.1% year-over-year to 57,000 units, according to data from the National Association of Realtors today. The phenomenon of a spurt in buying during the early phases of rising mortgage rates – until they reach a magic number.
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