Signed contracts to buy previously owned homes rose for the second month in a row in January, but pending transactions remain down by 24.1% year-over-year.
Pending home transactions tumbled 24.1% on an annualized basis in January, and the NAR does not expect the housing market to regain its footing on that measure for another year."Home sales activity looks to be bottoming out in the first quarter of this year, before incremental improvements will occur," Yun said. "But an annual gain in home sales will not occur until 2024.
Yun expects annual existing-home sales to drop 11.1% in 2023 to a total of 4.47 million units before jumping 17.7% in 2024 . NAR projects new-home sales will fall 3.7% year-over-year in 2023 before growing 19.4% in 2024. NAR also predicts median existing-home prices will be stable compared to the previous year for most markets — with the national median home price decreasing by 1.6% in 2023, to $380,100, before regaining positive traction of 3.1% in HIGH-INTEREST,800.
EXPERT SOUNDS ALARM ON HIGH INTEREST RATES BEING THE ‘NEW NORMAL,’ LEAVING REAL ESTATE ‘EXTREMELY CHALLENGED’"For Sale" sign stands in front of a house in Rochester, N.Y., Jan. 17, 2022. The National Association of Realtors reported contracts for existing homes rose month-over-month, but dropped by 24.1% on an annual basis.for the past three weeks, putting added pressure on prospective buyers seeking relief from inflated home prices and elevated interest rates.
The average rate for a 30-year fixed-rate mortgage hit 6.5% last week, up from 3.89% a year ago according to the latest data from mortgage buyer Freddie Mac. The 15-year fixed-rate note now averages 5.76%, up from 3.14% the same week last year.
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