Pending Home Sales (signed contracts) fell to a record low in October due in part to mortgage rates at 20-year highs last month. Tight supply is another factor hindering buyers, as the NAR notes that “limited housing inventory is significantly preventing housing demand from fully being satisfied.”
Pending Home Sales (signed contracts on existing homes) surged 8.3% from November to December, due in large part to falling mortgage rates per the NAR. Their Chief Economist, Lawrence Yun,
Sales of existing homes slid 1% from November to December, though sales are expected to move higher this year. NAR’s Chief Economist, Lawrence Yun, explained that “mortgage rates are meaningfully
Represented as Legacy Mortgage and Investment Corporation in the State Of California.
