Skip to main content

Existing Home Sales See Biggest Plunge Since 2010

ARLINGTON, Va.—Existing-home sales tumbled 17.8% in April to a seasonally adjusted annual rate of 4.33 million units, reaching its lowest level since July 2010.

home sales

NAFCU Chief Economist and Vice President of Research Curt Long pointed out the drop is "an abrupt change from February's 13-year high."

"The COVID-19 crisis is attacking the market on all fronts, from preventing homes being shown to buyers to widespread job losses and financial institutions tightening mortgage requirements," said Long. "Spring is usually the busiest time for home sales, but there are indications that there is pent-up demand in states that are beginning to open again.

"NAFCU expects a partial recovery during the summer as pent-up demand is released, but supply shortages will continue to restrain sales," Long added.

Sales decreased in all four regions of the U.S. during the month: in the West (-25%), South (-17.9%), and Northeast (-16.9%) and Midwest (-12%).

Based on current sales levels, there were 4.1 months of supply at the end of April, up from 0.7 months in March. Analysts consider 6 months of supply to be roughly balanced between supply and demand.

The median existing-home price increased from $280,600 the previous month to $286,800 in April (not seasonally adjusted). The amount represents a 7.5% increase from the median price a year ago.

CUToday.info

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Mortgage Rates See Biggest Decline in a Year; Applications Rise

WASHINGTON–Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month, according to new data. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.61% from 7.86%, with points falling to 0.69 from 0.73 (including the origination fee) for loans with a 20% down payment. The Rate Driver "Last week's decrease in rates was driven by the U.S. Treasury's issuance update, the Fed striking a dovish tone in the November FOMC statemen
Post a Comment
Read Complete Article HERE>»

Growing Delinquencies, Especially in Auto Loans, Can be Seen in New CUNA Report

MADISON, Wis.–Ongoing increases in delinquencies, especially in automobile loans, can be seen in the new CUNA Economic Update . According to CUNA Chief Economist Mike Schenk, the report shows: Mortgage delinquencies. With data obtained by Equifax, CUNA economists said they have found “slight upward movements” in mortgage delinquency rates.   Credit card delinquencies. Bigger increases in delinquency rates relative to the cyclical low – as seen during the COVID-19 pandemic – is concerning, said Schenk.   Auto loan delinquencies: Data shows a “dramatic” increase in delinquency rates among institutions such as auto financing companies.  CUNA Forecast   CUNA’s economists are forecasting delinquency rates will peak at 1% by the end of 2024.
Post a Comment
Read Complete Article HERE>»

Speakers & Sessions For NCOFCU 24 San Antonio TX.

National Council of Firefighter Credit Unions Inc (NCOFCU)  Speakers and Schedule! It is the National Council of Firefighter Credit Unions (NCOFCU) "GO TO Conference" for credit unions serving first responders! Who should attend? CEO's, VP's Directors and Staff See What's Planned Register Here! Bring your spouse, bring a guest to enjoy San Antonio, TX River Walk 4 Days Golf 16 + Sessions Alamo Reception Closing Dinner Right on the San Antonio River Walk Several Networking events Open Forums Idea Exchange Events Panel Discussions of CU Leaders National & Industry Speakers Trends in First-Responder Credit Unions Director & Volunteer Sessions Exhibitors ShowcaseAnd  So Much More! HOTEL REGISTER HERE
Post a Comment
Read Complete Article HERE>»