"No One" Buying or Selling Existing Homes

"No one" is a relative term when it comes to economic data. There are actually about 4 million people per year buying existing homes based on the annualized and seasonally adjusted pace in the latest installment of the data released today for the month of November. But relative to most of the past 25 years, this is about as low as it gets. Officially, the National Association of Realtors (NAR) reported existing sales at a pace of 4.09 million, well off the median forecast of 4.20 million and even farther below the previous reading of 4.43 million. Sales hit their most recent peak in January and have declined every month since then. After more than a year of explosive growth (in both sales and prices) following by the fastest rate spike to the highest levels in decades, it's no surprise to see home sales pulling back. It's also logical that existing sales are being hit particularly hard because, unlike new homes, existing sales rely on an existing occupant (in most cases) needing to procure new housing. With prices/rates/rents/etc as high as they are, it has discouraged the migration necessary to create the inventory. This is actually a bit of a silver lining as it means we might be seeing better sales numbers if there were more inventory. At the very least, we can see that the current environment is distinctly different from the Great Financial Crisis which saw inventories surge as buyers went on strike.

December 21, 2022 Download our Mobile App: Download our Mobile App: Housing News "No One" Buying or Selling Existing Homes "No one" is a relative term when it comes to economic data. There are actually about 4 million people per year buying existing homes based on the annualized and seasonally adjusted pace in the latest installment of the data released today for t... (read more) Housing News Year Ends With Small Refinance Revival Continuing declines in interest rates contributed to a substantial increase in applications for refinancing heading into the holiday season. This pushed the overall application volume fractionally higher. The Mortgage Bankers Association (MBA) said i... (read more) Mortgage Rate Watch Mortgage Rates Recover Slightly After Recent Rise The headline could be read two ways. To be clear, the "recent rise" refers to Monday and Tuesday of this week. Before that, mortgage rates spent the last 2 days of the previous week at their lowest levels in months. The bounce was s... (read more) MBS Commentary Sideways to Slightly Weaker After Early Gains Sideways to Slightly Weaker After Early Gains It ended up being an uneventful day for bonds despite a handful of negative reprices in the mortgage world. Yields were unchanged for most of the overnight ... (read more) Rob Chrisman Retention, HELOC, Solar Products; Events and Training; Fresh MBA Forecast As Wells Fargo was smacked upside the head with a $3.7 billion fine by the CFPB, sports news included Mat Ishbia and the Phoenix Suns, and the Senate passed the Improving Access to the VA Home Loan Benefit Act of 2022, and the Federal Housing Finance... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.28% -0.10% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.28% -0.10 0.00 15 Yr. Fixed 5.55% +0.01 0.00 30 Yr. FHA 5.82% -0.07 0.00 30 Yr. Jumbo 5.50% -0.02 0.00 5/1 ARM 5.98% +0.03 0.00 30 Yr. VA 5.87% -0.08 0.00 Updates Daily - Last Update: 12/21 15 Yr. Fixed Rate 5.55% +0.01% Rate Change Points Freddie Mac 30 Yr. Fixed 6.31% -0.02 0.00 15 Yr. Fixed 5.54% -0.13 0.00 Updates Weekly - Last Update: 12/15 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.34% -0.08 0.59 15 Yr. Fixed 5.81% -0.11 0.53 30 Yr. Jumbo 5.97% -0.17 0.53 Updates Weekly - Last Update: 12/21 MBS / Treasuries UMBS 30YR 5.0 99.59 +0.17 Price / Yield Change MBS UMBS 5.0 99.59 +0.17 UMBS 5.5 101.08 +0.19 GNMA 5.0 99.81 +0.19 GNMA 5.5 100.98 +0.22 Pricing as of: 12/21 5:31PM EST 10 Year US Treasury 3.6640 -0.0280 Price / Yield Change US Treasury 2 YR Treasury 4.217 -0.049 5 YR Treasury 3.771 -0.023 7 YR Treasury 3.759 -0.020 10 YR Treasury 3.664 -0.028 30 YR Treasury 3.718 -0.032 Pricing as of: 12/21 5:31PM EST Latest Video Two views of inflation: The Fed vs. the markets Total mortgage applications rise 0.9%, led by a surge in refinance demand First-time home buyers struggle to find options as housing inventory remain... November existing home sales fall — 10th consecutive monthly drop Around the Web cnbc Worker productivity is falling at the fastest rate in four decades redfin Share of Homes Bought With All Cash Hits Highest Level Since 2014 CNBC Home sales tumbled more than 7.7% in November, the 10th straight month of declines Calculated Risk Blog The Normal Seasonal Pattern for Median House Prices CNBC Bill Gross says markets are headed for 'potential chaos' if interest rates keep going up CNBC Rents are still high, even after cooling at the fastest pace in 19 months Calculated Risk Blog November Housing Starts: Record Number of Housing Units Under Construction Eye on Housing Single-Family Production Continues to Decline, Multifamily Permits Weakening Calculated Risk Blog Housing Starts Decreased to 1.427 million Annual Rate in November Calculated Risk Blog CoreLogic: "Annual Single-Family Rent Price Growth Falls to Single Digits in October" CNBC Nikkei 225 falls more than 2% after Bank of Japan widens yield target range, yen strengthens CNBC European markets head for a positive open as investor sentiment brightens CNBC European markets head for lower open as investors assess interest rate outlook

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