February Existing Home Sales Stage Spectacular Break from Slump

Existing home sales emerged, at least temporarily, out of a prolonged slump last month, and weren’t even shy about it. The National Association of Realtors® (NAR) said seasonally adjusted annual sales of preowned single-family houses, townhomes, condos, and cooperative apartments hit a seasonally adjusted annual rate of 4.58 million units compared to 4.0 million in January. The 14.5 percent monthly increase snapped a 12-month losing streak and was the largest one-month gain since the 22.4 percent increase in July 2020. [existinghomesdata] Single-family home sales performed even better, rising from 3.59 million units in January to 4.14 million, a 15.3 percent increase. Condo and coop sales grew by 30,000 units to 440,000. The February increases, however, fell far short of restoring sales to their levels a year earlier. Total sales remained down 22.6 percent compared to the 5.92 million unit rate in February 2022. Single-family sales were 21.4 percent and condo sales 32.3 percent lower on an annual basis. Analysts had expected sales to break out of their long slide, but they underestimated the degree to which it would happen. Trading Economics had an analyst consensus of 4.2 million, which would have been a 5 percent increase. Econoday predicted 4.17 million units. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” said NAR Chief Economist Lawrence Yun. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing, and the local economies are adding jobs.”

March 21, 2023 Download our Mobile App: Download our Mobile App: Housing News February Existing Home Sales Stage Spectacular Break from Slump Existing home sales emerged, at least temporarily, out of a prolonged slump last month, and weren’t even shy about it. The National Association of Realtors® (NAR) said seasonally adjusted annual sales of preowned single-family houses, townhomes, cond... (read more) Mortgage Rate Watch Rates Continue Higher Ahead of Important Fed Announcement Banking sector fears were responsible for a nice little drop in mortgage rates over the past 2 weeks. As those fears subside (to some extent, anyway), the market reaction has reversed to some extent. This is most noticeable in the stock m... (read more) MBS Commentary Stocks and Bond Yields Moving Higher Together; Fed on Deck Stocks and Bond Yields Moving Higher Together; Fed on Deck Today's trading session turned out to be every bit as simple as it seemed like it would be this morning. Why so simple? There were clear ... (read more) Rob Chrisman POS, Prospecting, Automation, Certified Military Specialist Products; Quiet on the Bank Front The way bond math works, every man, woman, and child that owns a fixed-income security issued when rates were lower is now underwater on that bond or that security. As long as they continue to collect payments on that coupon, and don’t have to sell i... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.75% +0.08% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.75% +0.08 0.00 15 Yr. Fixed 6.17% +0.09 0.00 30 Yr. FHA 6.20% +0.05 0.00 30 Yr. Jumbo 6.19% +0.03 0.00 5/1 ARM 6.50% +0.36 0.00 30 Yr. VA 6.25% +0.08 0.00 Updates Daily - Last Update: 3/21 15 Yr. Fixed Rate 6.17% +0.09% Rate Change Points Freddie Mac 30 Yr. Fixed 6.60% -0.13 0.00 15 Yr. Fixed 5.90% -0.05 0.00 Updates Weekly - Last Update: 3/16 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.71% -0.08 0.79 15 Yr. Fixed 6.14% -0.11 0.77 30 Yr. Jumbo 6.39% -0.10 0.61 Updates Weekly - Last Update: 3/15 MBS / Treasuries UMBS 30YR 5.0 99.06 -0.27 Price / Yield Change MBS UMBS 5.0 99.06 -0.27 UMBS 5.5 100.41 -0.16 GNMA 5.0 99.58 -0.19 GNMA 5.5 100.69 -0.13 Pricing as of: 3/21 5:31PM EST 10 Year US Treasury 3.6130 +0.1300 Price / Yield Change US Treasury 2 YR Treasury 4.171 +0.205 5 YR Treasury 3.750 +0.166 7 YR Treasury 3.701 +0.139 10 YR Treasury 3.613 +0.130 30 YR Treasury 3.738 +0.070 Pricing as of: 3/21 5:31PM EST Latest Video Fed needs to stress test banks' interest rate risks: Former Fed Gov. Freder... A pause would be too dramatic a change for the Fed, says Hightower's Stepha... Existing home sales in February jump 14.5% CNBC Fed Survey: 57 percent of respondents say banking crisis impact will b... Around the Web CNBC The Fed is likely to hike rates by a quarter point but it must also reassure it can contain a banking crisis Black Knight Black Knight Approved to Support Fannie Maes New Valuation Option CNBC Home sales spike 14.5% in February as the median price drops for the first time in over a decade Calculated Risk Blog First House Price Index goes Negative Year-over-year CNBC Everyone's talking about Credit Suisse's risky bonds. Here's what they are and why they matter Black Knight Black Knights First Look at February 2023 Mortgage Data Calculated Risk Blog NAR: Existing-Home Sales Increased to 4.58 million SAAR in February CNBC Treasury Secretary Yellen says the government could backstop more deposits if necessary to stop contagion CNBC Treasury yields climb as bank stock concerns ease and investors look to Fed meeting CNBC JPMorgan advising First Republic on strategic alternatives, including a capital raise, sources say CNBC Credit Suisse bondholders prepare lawsuit after contentious $17 billion writedown The Basis Point Will U.S. regulators broker a First Republic sale like Swiss did with Credit Suisse? CNBC Watch Treasury Secretary Yellen speak live to banking conference

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