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Started By
Message
Home sales fall in May, prices still rising
Posted on 6/24/24 at 1:48 pm
Posted on 6/24/24 at 1:48 pm
Someone check on stout plz, this was going to be the month. It’ll definitely happen next month.
LINK
LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what's traditionally the housing market's busiest period of the year.
Existing home sales fell 0.7% last month from April to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors said Friday.
Sales also fell 2.8% compared with May last year. The latest sales still came in slightly higher than the 4.07 million pace economists were expecting, according to FactSet.
"I thought that we would actually see a recovery this spring —- we are not seeing it," said Lawrence Yun, the NAR's chief economist.
Despite the pullback in sales, home prices climbed compared with a year earlier for the 11th month in a row. The national median sales price rose 5.8% from a year earlier to $419,300, an all-time high on records going back to 1999. It's also up 51% from five years ago.
LINK
LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what's traditionally the housing market's busiest period of the year.
Existing home sales fell 0.7% last month from April to a seasonally adjusted annual rate of 4.11 million, the National Association of Realtors said Friday.
Sales also fell 2.8% compared with May last year. The latest sales still came in slightly higher than the 4.07 million pace economists were expecting, according to FactSet.
"I thought that we would actually see a recovery this spring —- we are not seeing it," said Lawrence Yun, the NAR's chief economist.
Despite the pullback in sales, home prices climbed compared with a year earlier for the 11th month in a row. The national median sales price rose 5.8% from a year earlier to $419,300, an all-time high on records going back to 1999. It's also up 51% from five years ago.
17
Posted on 6/24/24 at 1:49 pm to questionable
blackrock
Posted on 6/24/24 at 1:51 pm to questionable
Posted on 6/24/24 at 1:51 pm to questionable
how dare you beat stout to his beat!
Posted on 6/24/24 at 1:55 pm to questionable
Home sales "fell", ya stupid fricks because inventory is down.
That can obviously be an overall positive, as it will increase values due to less supply.
That can obviously be an overall positive, as it will increase values due to less supply.
Posted on 6/24/24 at 1:55 pm to questionable
quote:
It's also up 51% from five years ago.
If we'd only stop getting coffee from Starbucks, we'd have 51% more cash!
Posted on 6/24/24 at 2:00 pm to GreatLakesTiger24
So can I finally pop this in the VCR and start making millions?
Posted on 6/24/24 at 2:10 pm to questionable
The problem is still supply. People not wanting to sell and lose a 3% rate.
Posted on 6/24/24 at 2:19 pm to questionable
When trillions get pumped into the printing presses, an underlying immovable asset almost has to go up. But to keep going up after 3.5 years while inventory is down under Biden with no end in sight? That's alarming.
Posted on 6/24/24 at 2:25 pm to Drop4Loss
quote:
Home sales "fell", ya stupid fricks because inventory is down.
That can obviously be an overall positive, as it will increase values due to less supply.
No, dummy. The supply is down because people can't afford to trade a 3% mortgage for a 7% mortgage. It's not because there aren't enough houses, it's because there is no turnover.
Posted on 6/24/24 at 2:28 pm to sostan
quote:
No, dummy. The supply is down because people can't afford to trade a 3% mortgage for a 7% mortgage. It's not because there aren't enough houses, it's because there is no turnover.
...
I mean there also isn't enough houses, or there'd be more inventory damn the turnover.
Posted on 6/24/24 at 2:40 pm to TejasHorn
quote:
The problem is still supply. People not wanting to sell and lose a 3% rate.
The downstream effect on this will be interesting.I imagine a lot of people will opt to remodel or add on before moving
10-15 years people will be touring older homes wondering why they made an office/bedroom out where the garage was
Posted on 6/24/24 at 2:42 pm to questionable
what's more concerning is the rise in consumer debt delinquency, which means as you'd expect: people financing rising costs due to inflation. How much can consumers handle?
https://www.federalreserve.gov/releases/chargeoff/delallsa.htm
https://www.federalreserve.gov/releases/chargeoff/delallsa.htm
This post was edited on 6/24/24 at 2:45 pm
Posted on 6/24/24 at 2:49 pm to questionable
Almost July of 2024 and there are still people saying "wait 6 more months and the housing market will crash!!!!!"
What a time to be alive.
What a time to be alive.
Posted on 6/24/24 at 2:52 pm to questionable
Still selling faster and all over ask
Sorry 2008 wont be happening
Sorry 2008 wont be happening
Posted on 6/24/24 at 2:52 pm to geauxtigers87
quote:
blackrock
quote:
Bottom Line: BlackRock is an active investor in the U.S. real estate market, but we are not among the institutional investors buying single-family homes.
Posted on 6/24/24 at 2:59 pm to SDVTiger
quote:
2008 wont be happening
That's what everyone said in 2007.
Posted on 6/24/24 at 3:23 pm to questionable
quote:
Home sales fall in May, prices still rising
Considering how high prices are right now, it's not surprising that the median sales price is still going up. But if the sales continue to fall the median sales price will also start to come down...it'll have to or inventory won't move.
Posted on 6/24/24 at 3:27 pm to questionable
Big groups like Blackrock have been buying up houses nationwide for multiple years now. There is zero chance of any substantial correction, in my opinion. Groups like that not only know things we don’t know, they drive the direction of those things.
Posted on 6/24/24 at 3:32 pm to Woodlands Tigah
quote:
That's what everyone said in 2007.
Yeah things are exactly the same as 2007
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